On my current project we work on basically 1 big intranet site that is
made up of about 20 or so projects.

There are some differing opinions as to if we should have 1 large
solution with each project referencing each other, or if we should be
compiling the projects into assemblies and referencing those.

The benefit of compiling the projects and doing references by DLL is
that you can work on a single project w/o having to load up and build
every project in the entire solution.

The downside is you have to rework the references if you want to debug
stuff (if you need to debug across projects you can't have DLL
references, you need project references) and also we have run into some
issues where 2 assembiles are expecting different versions of the same
common assembly and it takes some work trial and error to find the
problematic DLL.

On the other side, if you use project references you have to load up
every project in your application just to make a small change, and
rebuilding will take much longer.

Is there any guidance out there on this issue?