Thanks Michael.
I had reached the same conclusions, but did not want to lead anyone in their answer.
Can I ask specifically what formats & tools have you had success with for dependency management (storing and maintaining individual projects data and amalgamating them into a master)?
I have looked at the out of the box MS Project linking and external dependency functions, and found they broke easily and quickly.
Has anyone tried Project Server for this?
I would be interested in alternative views as well. This is an increasing problem as the programmes and projects we manage increase in complexity and participants.