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lm7805

Too much capacitance?

Is there such a thing as too much capacitance in a voltage regulation circuit?

I plan to use a pair of  47 uF 50volt caps in my power supply - 'cause that's what I have in my

junk box.  Any problem?  (It will be powering 3 Picaxe08-M's and a L293D motor controller. - power for the motor will be separate)

How do I determine the 'proper" amount of capacitance?