Need advise: Changing from standard part number to segmented part

When we first implemented JDE in 1999, we put in place the standard part numbering system, i.e. 1 part number per item configuration. As time has progressed, this is becoming  more and more difficult to maintain.
What we are looking for is information from anyone that has changed from the standard part to a segmented part. Specifically, what are the pros and cons experienced in the process.

Before we go down this road, we would like to talk to someone who has actually done this or has attempted to do this.

Any help and guidance is appreciated.