Valid VS.NET project structure question

Yes, it will work. It is just important to have all files on the same
drive and under some common parent folder. And also, folder structure
in repository and on local drive should be the same. I.e. for all
projects "common.h" file should be located in the "Common" folder, and
be part of "Solution" module.
Only the issue is that is some particular cases you may have problem
pulling this from CVS (open from source control). Please see this tickets
for discussion about that:
http://www.pushok.com/tickets_messages.php?id=8
If you have more detailed question about your project structure do not
hesitate to contact us.