Hi Kara,
Well, we've had agencies do it both ways (one big project) or separate projects.
Pros with using one big project:
When the date of an item changes, you get immediate readjusting of any other affected dates
Export one timeline (as well as see the big timeline in one Gantt
Cons with one big timeline:
You either go the one PM route where one person is making all the changes or you allow multiple people with manage rights but then they can mess up something they shouldn't touch. So bottleneck or potential chaos
One long project with different sections in different areas (most likely)
Pros of Multiple Projects:
You can have different PMs for the different deliverables and they are limited to only messing up their part and not someone else's.
You can still do reporting at the Program level to see all the tasks and you can sort them by Due Date
Cons of Multiple Projects:
Unless you bulk edit and manually recalculate timelines, cross-project predecessors and dependencies only update overnight or when the specific project itself is changed.
General project documents (like the brief) might live now in multiple locations
People only see their tiny section. They might realize pushing something a week has detrimental effects on the project as a whole.
Sorry, I don't have a nice clear answer for you, but I hope these help.