The IDE integration with source control (CVS and SVN) can detect the presence of the project metadata in the repository, or check out existing projects. You have an option to search recursively and check out all existing projects from a selected folder, or choose a specific project. You can also create a special file, called Team Project Set (.psf), which contains a set of projects that you want everyone to check out. Team sets can be located in the source control repository, and the IDE will recognize them (and check out all specified projects automatically).
For simplified project creation, if you don't want to build using the IDE, but you want to use the debugger, the System Profiler, or if you want to find memory corruption, you can create a simple project in IDE to use by any of these tools.