> - We keep a local settings file for each environment, and those /are/ versioned. We have a /settings_local directory which contains each of the variants (localdev/dev/staging/df/live). The appropriate one is sym linked to /settings_local.py, which in turn is imported into settings.py.

I didn't read your comment (thoroughly) before posting my comment above, so I was parroting your point about organising project settings, however there are a few differences between our approaches. And I'd be interested to hear what you think about them. I don't work that actively with django at the moment, and never really had the opportunity to use my above system in a commercial project so maybe (probably) there are some gotchas I haven't thought about!