Nothing gets my dander up more than seeing this (well, unless it's seeing a production database littered with un-used (or test) objects, but more on that later):

$/Project
$/Project/source
$/Project/source/Released 2003-09-01
$/Project/source/Released 2003-12-10
$/Project/source/sub-project
$/Project/source/sub-project2

Ok, in case you don't see what I'm getting at, this project should look more like this:
$/Project
$/Project/source
$/Project/source/sub-project
$/project/source/sub-project2

See those “Released” projects?  Those are 100% un-necessary.  Someone actually copied (branched) the entire “source” project into those “released“ projects!  Why?  Because they didn't understand how to use the tool.  What makes this even worse is that in the “real“ project I'm basing this post on, they actually Pinned the “released“ projects!

In VSS (or Vault), once you hit a release, you simply select '$/Project/source' and add a label (named anything you want, but most of the time, you'll use the release date or version).  You can easily go back to any previously labeled version.