> Every test in a single file
Yikes! That would get very hairy. I try to categorize the tests; I usually end up with 1-5 tests in a single file. I change the categorization all the time.
Huge spec files will become a huge problem, not just for technical reasons (inability to parallelize the tests) but also for readability reasons.
Maybe think of it as a grocery store; would you want all the items organized into clearly labeled aisles, or would you prefer to throw everything into one giant bin and let people dig through it like animals? 🙂