I must also say that I did not just wake up this morning and think what a cool idea this might be; it's something I've had in mind for quite a while, and there has actually been previous hints and mentions of such changes here and there.
The changes I'm talking about basically involve splitting the current system into groups of separate CVS modules. For example, we would have a Renderers CVS module containing all the renderers, with each renderer set up as a separate project. There would also possibly be a Looks module containing TaharezLook, WindowsLook, plus others in the future; again each set up as a separate project. The base CVS module would then contain just the parts of the system that make up the CEGUIBase library.
One major advantage of this approach is finer control over which areas of the project other developers work on, and the main advantage of this is that it's much easier to get other developers involved with specific areas; since they do not have to be concerned with contaminating or breaking other parts of the system (since they are working on a separate sub-project in a separate CVS module). This also enables developers to create extensions to the system (like new renderers and 'looks' ) and have their work easily included in CVS where they can continue development along with the aid of other developers.
I believe that this approach also has the potential to greatly accelerate the progress and development of the project as a whole; since once more developers get involved, it will enable me to concentrate on the core of the system while other developers can deal with other areas.
The main disadvantage of having the system composed of many sub-projects is that rather than having everything available from a single CVS checkout and compile, it would be necessary to checkout and compile multiple projects, while not a great problem for me personally, I can see others having kittens over the mere suggestion of this.
Discussion and suggestions related to reorganising the system are greatly welcome here

CE.