Let say, you have a file initially used by one project, and later usage spred widely around other projects.
For us it happend with code analysis rules settings file.
So we decided that the best is to branch this file. Having it in one place get you into relative paths hell, just copying across projects... hmmmm.... no so good - gets out of control sooner or later.
Brnach it - and you know where it is and which version.
What I found not so obvious - is where to find all branches taken from the file?
Locate file in Source control, right-click -> Advanced -> Properties.
Here it is - Branches tab:
Hope it helps somebody :)