I've been using git to track changes in the plugins and themes I've developed for different sites. Each plugin or theme has their own repository in whichever local install of WordPress I happen to be using for that project. This works fine when I'm just working on one solitary plugin or theme.
But when I have a local version of an entire site which is a collection of different plugins, themes, WordPress core, etc. Should I be keeping that entire directory under version control?
Is there a best practice to always have a collection of repositories for each theme/plugin, or for each client site to have one monolithic repository that includes all the code used in the project (including the latest copy of WordPress via svn.)