Our repository looks like:
/trunk
/branches
/sandbox
/vendor
/ccnet
/trunk is your standard, bleeding edge development. We use CI so this must always build and pass tests.
/branches this is where we put 'sanctioned' large changes, ie something we KNOW will make it into trunk but may need some work and would break CI. Also where we work on maintenance releases, which have their own CI projects.
/sandbox each developer has their own sandbox, plus a shared sandbox. This is for things like "Lets add a LINQ provider to our product" type of tasks that you do when you are not doing your real work. It may eventually go into trunk, it may not, but it is there and under version control. No CI here.
/vendor standard vendor branch for projects where we compile but it is not code that we maintain.
/ccnet this is our CI tags, only the CI server can write in here. Hindsight would have told us to rename this to something more generic such as CI, BUILDS, etc.