This are some thoughts I've had on this matter of subject. In the end you'll may need to keep assets and code as seperate as possible. I can think of two possible strategies:
Distributed, Two Repositories
Assets in one repo and code in the other.
Advantages:
- In web development context you won't need to clone the giant assets repository if you're not working directly with the graphic files. This is possible if you have a web server that handles assets seperate from dynamic content (php, asp.net, RoR, etc.) and is syncing with the asset repo.
Disadvantages:
DVCS tools don't keep track of other repositories than their own so there isn't any direct BOM (Bill of Materials) support, i.e. there is no clear cut way to tell when both repositories are in sync. (I guess this is what git-submodule or repo is for).
Example: artist adds a new picture in one repository and programmer adds function to use the picture, however when someone has to backtrack versions they are forced to somehow keep track of these changes on their own.
Asset repository overhead even though it only affects those who do use it.
Distributed, One Repository
Assets and code reside in the same repository but they are in two seperate directories.
Advantages:
- Versioning of code and assets are interwoven so BOM is practical. Backtracking is possible without much trouble.
Disadvantages:
- Since distributed version control tools keep track of the whole project structure there is usually no way to just check out one directory.
- You still have the problem with repository overhead. Even more so, you need to check out the assets as well as the code.
Both strategies still have the disadvantage of having a large overhead since you need to clone the large asset repository. One solution to this problem is a variant of the first strategy above, two repositories; keep the code in the distributed VCS repo and the assets in a centralized VCS repo (such as SVN, Alienbrain, etc).
Considering how most graphic designers work with binary files there is usually no need to branch unless it is really necessary (new features requiring lots of assets that isn't needed until much later). The disadvantage is that you will need to find a way to back up the central repository.