Consolidating Bank Accounts?

My husband and I have been married for 10yrs. During that time we have always kept at least 3 checking accounts (his, mine, and ours). We both put an equal amount in the joint account every month to pay bills and what's left is ours. It had worked (for the most part) for us. The economy has been hard on us and money is becoming a touche' subject. He thinks that the answer is to consolidate our accounts. No his. No hers. Just ours. I think this is going to make it worse. I like having my own account and don't want to share how much I spend on feminine products a month. Or what my mani/pedi costs. Do you think this is a good idea or a bad one??? Please explain why.