Often I want to have a main repository of source, shared by several "similar" projects. Each sub-project contains most of the same files, but is a specific configurable instance. That means there are usually a bunch of files and directories that need to be different for each instance.
In CVS I used to create the main repository and the secondary ones, then use the modules file to bind the two together for a specific name. In SVN I used svn:externals to tie back the secondary directories into the main one.
What works in Mercurial?