We did the same thing. In MS5, we used one script for both of our services because it would reference the media files on the filesystem. It appears that MS7 now encodes the media files into the script, so they get extraordinarily bloated very quickly. Ours are frequently pushing 1GB with just a 5:00 minute countdown video and a sermon intro, so we now do separate scripts for our Traditional and Contemporary services to try and keep the file sizes down. If you reuse the same media for both services, you might be better off with a single script.
The upside to having the media in the script is that you can copy your scripts between machines and not worry about missing media or pointing to the wrong folders; but the downside is that now you have multiple copies of the same media - the original plus a duplicate copy in every script that uses it, which is rather inefficient and unnecessarily eats up disk space. It also causes the scripts to take forever to load (in MS7) because they are so large. Especially if you encounter a crash during the service; it can feel like an eternity waiting for the script to re-load and switch back to Presenter view. I would actually prefer the older method of referencing the media on disk to keep the script file sizes down and to have quicker load times.