What's the LL policy on where the content is located?

[Viper]

Pretty much all the link lists want your "site" to be in one single directory. But what about the content? Can the content (pics, thumbs, videos etc.) be in one central directory? I've been sticking all the content in the same directories but that's such a waste of HD space, especially if some of your domains are small virtual hosting accounts and you're doing video sites.