Ok I hope that this will end up sounding like a reasonable question.
From what I understand of subversion if you have a repo that contains multiple projects, then you can branch individual projects within that repo (see SVN Red book - Using Branches)
However what I don't quite follow is what happens when you create a branch in one of the distributed systems (Git, Hg, Bazaar - I don't think it matters which one). Can you branch just a sub-directory of the repo, or when you create the branch are you branching the entire repo?
This question is part of a larger one that I posted on superuser (choice and setup of version control) and has come about as I am trying to figure out how to best version control a large hierarchal layout of independent projects.
It may be that for distributed systems that what I would like to do is best handled by a sub-project mechanism of some sort - but again that is something I am not clear on although I have heard the term mentioned in regards to git.