Personally I have a dependancies folder as part of my projects and store referenced libraries in there.
I find this makes life easier as I work on a number of different projects, often with inter-depending parts that need the same version of a library meaning it's not always feasible to update to the latest version of a given library.
Having all dependancies used at compile time for each project means that a few years down the line when things have moved on, I can still build any part of a project without worrying about breaking other parts. Upgrading to a new version of a library is simply a case of replacing the file and rebuilding related components, not too difficult to manage if need be.
Having said that, I find most of the libraries I reference are relatively small weighing in at around a few hundred kb, rarely bigger, which makes it less of an issue for me to just stick them in source control.