See http://www.keil.com/forum/56892/
"The project file should have been 100% focused on the rules required to perform the similar task of a Makefile. Everything else should have been optional information stored in separate files that doesn't need to be version-controlled and that can be auto-created if missing"
I entirely agree. It seems that Keil have totally broken the Project File arrangement as far as Version control goes.
:-(
And how is it intended that the Pack status should be controlled??
http://www.keil.com/forum/60086/#msg195729