trunk/branches/tags and projects w/components

I've got a "best practices" question...
 
I'm trying to decide between two layouts for a project w/in subversion.
In one case the trunk, branches and tags directories would be at the top
level, and all "sub-projects" would be w/in the top level trunk. In the
other case the different sub-projects would be at the top level, and
each would have a trunk, branches and tags directory. There's a
directory example below.
 
The subprojects have components which end up in the /Site project.
Basically the subprojects are ASP.NET projects where the /Site directory
is the actual website. We only put the .aspx and .dll files in the /Site
project and keep the .cs and other supporting files in each of the
individual project directories.
 
I can come up with arguments for both approaches (and a hybrid of
projects in /trunk, branches and tags and then each projects also having
/trunk, branches and tags) so I'm looking for a "best practices" answer
of how this should be done.
 
Ideas?
 
-Walden
 
Example:
 
/Repository
    /trunk
        /Site
        /Reports
        /Forms
    /branches
        /...
    /tags
        /...
 
vs.
 
/Repository
    /Site
        /trunk
        /branches
        /tags
    /Reports
        /trunk
        /branches
        /tags
    /Forms
        /trunk
        /branches
        /tag
 
etc.
 

-- 
Walden H Leverich III
Tech Software
(516) 627-3800 x3051
WaldenL@TechSoftInc.com
http://www.TechSoftInc.com
<blocked::blocked::http://www.techsoftinc.com/> 
Quiquid latine dictum sit altum viditur.
(Whatever is said in Latin seems profound.)