Unless your Workflow needs are vastly different between the two environments, I would keep it at one vault. So much easier to maintain users, permissions and everything else. I've created many vault where we have a top level folder called Projects and another for Products. Save the Data Card under each and they can be defined independently.
The problem comes with Workflows since you're only allowed to have one with no more than 10 states. In PDM Pro that's easy to handle with multiple Workflows, but Standard does have that limitation.
We do not use workflow in PDM so that is not an issue.
Save the Data Card under each and they can be defined independently.
Perfect! Things you learn from others!
I would not recommend it, like Steve Ostrovsky mentioned. the overhead of managing two live vaults would be huge.
You can still customize Cards so that they display different fields using a (Control Tab) or you can display a completely different Card based on the folder the file is.
Also, you cannot cross-reference files between Vaults.