On Monday, September 28, 2015 at 8:52:28 AM UTC-5, wrote:
If we are going to talk code, lets speak the language so nobody gets
misinformation. ;-)

Point taken and agreed. To summarize and rephrase: house is located in New York, the subject is a lighting circuit(s) on which there will be 4 groups of luminaires (one group in each "room" of the basement, and each group having 4-6 luminaires, and each luminaire being rated at 75watts by its manufacturer), and each group is activated via separate switches; and NO receptacles will be installed on this/these dedicated circuits.

And even though the NEC does not prohibit me from wiring this via 12awg and one 20amp breaker, the concensus is that I should split this into two 15amp lighting circuits for two reasons: easier to work with 14awg, and better design such that a tripped breaker wont plunge the entire basement into darkness.

Did I get all that right?
All comments appreciated.

That's what you should do and it will keep you out of trouble if it's ever inspected. I have lamps plugged into wall outlets so if the lighting circuit trips, I have light. I even use LED bulbs in my desk lights which are plugged into the UPS units on my computer table. If you're worried about safety, put up an LED emergency light in your basement hallway or stairwell. ^_^

[8~{} Uncle Basement Monster