Now you can not create a reference to another project (webApplication or ClassLibrary) that has non compiled files (aspx, ascx, cshtml, js, css, config, etc.), which are usually published on the server as is.
More precisely, you can create a reference, but when you start the application, these files will not be found, because located in a different directory.
For example, if the project A and project B (WebApplication) contains same cshtml-files, they could be placed in a separate project (WebApplicationLibrary?).
Usually it is necessary to separate one large project into several smaller projects (modules).
Something similar is used in Orchard CMS, but requires the physical location of one project within another project.
I think it would be great if you could reference from one project to another, indicating that all non compiled files considered to be placed on a specific virtual path.
For example, project "SomeProj" reference to the project "SomeProj.Modules.SomeModule" and all files from project "SomeProj.Modules.SomeModule" are located in "~/Modules/SomeModule/".
This is interesting and getting some conversations started…