Not seen any negative impact from having mucho adgroups in a campaign, we have many accounts with hundreds of adgroups in some campaigns and even some with over 1000 adgroups running happily in a campaign.
Although with ours they will be small, targeted adgroups from 1 keyword to maybe 100 in some cases so the quality and targeting is very high making them all high CTR adgroups with highly relevant keywords and adcopy etc.
I've heard of others having many thousands of adgroups in a single campaign as their rep has sorted it for them to allow that as they have demonstrated a need for it.
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