I'd like to use msbuild to build on a heirarchy of projects, based on the
directory structure of the sources like CoreXt does.

Is there a good way to do this?

I'd like to have some folders where external libraries are located, and some
folders where some libraries are built.  Further, I'd like to have other
projects which depend on some of these libraries, and also depend on each
other.  I'd like to organize these projects in seperate folders, but I dont'
want to have a master "Solution" file which knows about all of these.  I
would like to have each project as an independent entity and allow the build
to be started from anywhere in this heirarchy.

For example, a root directory would contain several subdirectories, each of
which would contain several projects, or even more subdirectories with more
projects.  I like the notion of the corext dirs file which allows
independently adding/removing projects from the "build" by just editing the
dirs file in the projects parent directory.

Is there a good way of doing this with msbuild?  If msbuild does not support
this sort of thing, will it in the future?