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The folks at Integrum, a rails consulting company, produced a short podcast talking about their challenges running single retrospectives with multiple teams. One of the comments from early in the podcast was when you have many teams in single retrospective, the participants tend to speak in generalities and skip the details of what happened in their team. Presumably because that information would not be of interest to the other folks not on their teams.
I have facilitated both single team and multi-team retrospectives and my experiences match the ones described by the people at Integrum. I generally prefer to run single team retrospectives, but there are times when a multi-team retrospectives. In my experience, these are two reasons why I might want to do multi-team retrospectives: