I use both equally so..hm. I typically have eMain which includes ePlayer, eEnemies, eCollectibles, eHUD, eSaveData, eGlobal, and so on...and inside those sheets I have groups to further organize things like specific player abilities, certain enemy AI, components of the HUD, types of save data, etc.
Everything is compartmentalized and very easy to find this way. Only drawback is function references, for example, can be difficult because they span multiple sheets. Solid naming conventions and the search function help there though.
I don't think there's any difference in using one or the other...ultimately everything is put onto a single 'sheet', no? If you're really worried about it Collodium's method is good practice. Could be a pain to manage some things though.