This is apparently an old trick, though I learned it 2 days ago, and I'm very happy I finally found out about it. If you've ever struggled with VS.NET and webprojects which have to be loaded from an IIS server, load terribly slow and can't be used with Subversion? Well, check out this link: http://pluralsight.com/wiki/default.aspx/Fritz/AspNetWithoutWebProjects.html. Follow the steps and you'll be webproject free, but you don't lose any functionality.
I turned to VSS again after struggling to get my petshop port under sourcecontrol (due to the .svn folder bug in VS.NET 2003 (hi Microsoft, how about fixing your bugs for a change?), but it was a nightmare, because it added that sourcecontrol crap to the .sln and .csproj files, made files read-only and I had to use the checkout-edit-checkin policy, because that's how SCC integration works within VS.NET. (Yeah, it's really hard to think for another 5 minutes to come up with a more generic approach... ) and no more usage of the lovely explorer integrated TortoiseSVN Subversion client.
I tried Sourcegear's Vault, to see if I could use that instead, but it lacks an explorer integrated client and also has to use the SCC guidelines when used from within VS.NET (that's not Sourcegear's fault though...), so I still have read-only files, checkout-edit-checkin and the SCC crap in my .sln and .csproj files. I could use the Sourcegear Vault client, but it's not as convenient (totally IMHO) as the explorer integrated TortoiseSVN client, where I simply right-click the folder, select commit and it's done.
Be sure to read the complete guide, so you'll be set up for debugging as well. Funny thing is, the original MS Petshop ASP.NET project code already was a library project. I wondered why they did that, now I know. You'd think that if within MS they already are convinced using webprojects is not the way to go, they'd make a simple adjustment to a 2 years old IDE so we could all experience this joy... Fortunately VS.NET 2005 seems to fix this.