In my team, we have moved to only sourcing what is specific to our current project. If we are using Views for example, we add the appropriate entry to our drush make-file, and version that, but not the module itself.
This leaves us with a very small repository, consisting of any custom modules specific to the current site, the current theme, and features exports.
Unless you absolutely can't use drush and drush make, I don't see why one should version control code that is well versioned somewhere else. And if you intend to hack on one of modules, then you should add that as a submodule, again, not versioning the code in your own repo. (I believe this is called a vendor branch in SVN).
Edit: For more details and a more advanced setup, you can take a look at this repository: firstname.lastname@example.org:letharion/Drupal-build-scripts.git The scripts are written in bash to support my teams workflow which includes a building a base-install profile (NodeStream), then our site-specific profile on top of that, a make file for each profile, hooks for applying patches or making other changes on individual build steps etc. I hope I will find the time to re-write it as a drush extension in the near future.