The following post asks how to indicate that an element is the root element in an XML schema:
Is it possible to define a root element in an XML Document using Schema
The disadvantage of lots of global elements is they could all be used as root elements for documents. The advantage is then you can use the element when defining new types which will assure the namespace of the child elements match those of the parent type.
I have changed from thinking there should only be one global element to that all complex types should have a global element.