I've always wondered how an actively developed common library used in two or more projects should be stored in version control. I imagine it can be handled differently than a third-party library, since an in-house library is more likely to get hot fixes that should be distributed to many of the projects in version control.
Should its binary files be imported into the projects that use it as it is updated (pretty much like a third party library), or could its source code be checked out together with the projects? Is it possible to have references to other version controlled paths in Subversion or other version control systems?
I'm working in a project now that has common libraries that reside elsewhere in Subversion (and used in many projects) checked in with the project, so any changes made to them in this project are not reflected in their "real" repository. I'm going to suggest some changes to this, but I would like some thoughts on what the best practice for handling these common libraries is.