I use SQL Compare for generating scripts when going from dev -> test -> production and it saves me tons of time.
For source control though, we use SVN and ScriptDB (http://scriptdb.codeplex.com/) though. I mainly use source control of SQL scripts for keeping track of changes. I think that rolling back a version of the database seldomly (if ever) works since data may have changed when making structure changes.
This works fine for a few of our current projects (largest is 200 tables and 2000 sprocs). The main reason for doing this though is cost since not all team members have to buy SQL Compare (I avoid adding dependencies to commercial projects unless really needed).