Currently the sublime text project file includes a lot of very user specific information (open buffers, search history, etc). This makes checking the project file into source control pointless, because the file changes with every usage of the editor. It would be better to put this data into a separate file, perhaps appended with the system account name or similar.
Referencing absolute paths in the project file is another issue, as you cannot even branch locally and have the project file still work. However, this issue has already been covered in http://sublimetext.userecho.com/topic/19438-project-file-paths-on-different-computers/.
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