I only use one page of Apps, all apps I use on a regular basis are not in folders, then I have four full folders of apps that I use less. I like it better than flipping through pages to find an app.
I like to group my news apps in one, games in another, media apps in another. I like to break them down by category. Very useful for me, because I like to group apps.
I don't have enough variety in apps to keep them organized in different folders and I certainly have more than 12 apps and games, so I stopped using folders and I use CategoriesSB now that the jailbreak was released. The free version of categories is crap but with CategoriesSB it is integrated with the springboard so the categories open even faster than folders which I felt had a little lag on them when opening and I have the option to keep my dock open when I go into a category so it really feels lile categories is part of the phone. I also like the fact I can use my own icons for the categories to make my homescreen look a little bit nicer. This is what mine looks like now, I might change up the folder icons when I fine better icons to use.