It's basically a network design consideration for the whole network (physical and virtual).
If you are dealing with multiple VLANs that are required for the VMs, and all of these VLANs are present on your physical switches, then there's no reason not to do the VLAN tagging in vSphere. If the load balancing option in the vSwitches don't meet your requirements, you can still map port groups to dedicated vmnics.
A reason to create individual virtual switches is, if you need to connect vmnics to dedicated physical switches, e.g. a physically separated DMZ. Another example could be an iSCSI storage connection across multiple paths, if the storage vendor requests it.
Using VLANs makes life much easier. Consider implementing a new VLAN. With VLAN tagging, you simply need to allow that VLAN in the physical switches, and create a new port group on the ESXi hosts. No need to add physical network adapters, connect network cables etc.
André