Nothing gets my dander up more than seeing this (well, unless it’s seeing a production database littered with un-used (or test) objects, but more on that later):

$/Project
$/Project/source
$/Project/source/Released 2003-09-01
$/Project/source/Released 2003-12-10
$/Project/source/sub-project
$/Project/source/sub-project2

Ok, in case you don’t see what I’m getting at, this project should look more like this:
$/Project
$/Project/source
$/Project/source/sub-project
$/project/source/sub-project2

See those “Released” projects?