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I know this thread is a little old, but I wanted to add a few things:
1. There is no limit to the number of receptacles you can have on a circuit in a dwelling (unless local codes say otherwise).
2. It is much easier to work with 14ga wire for lighting circuits, especially when you have multigang switch boxes.
3. As of 7/24/07, the difference in price between a 250ft roll of 12/2 and 14/2 is about $25.00. I wouldn't call that negligible. Use 14ga wherever you can.
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