Thanks Maurizio.
What I am really most concerned about is submitting hundreds of sitemaps to Google and giving them concern that we might be spamming them.
This is why I am considering the second approach where we would submit 6 sitemaps at a time which would total no more than 300,000 links rather than giving them 200 plus sitemaps with 10 million links.
I should have been clearer in my reason for this question. The main goal here is to not have Google freakout because we just gave them 10,000,000 links at one time.