It can't be re-loading if it still has the old version of the file though, and I don't get any warnings that files are about to be overwritten.
I've just been trying to catch it with procmon to see what is happening (or not happening), but it won't do it now. I'll keep trying.
I can see it repeatedly (many times per second) reading just the first 8 bytes of a couple of the .vtg files. One for the current workspace and one for the VS2008 files. Is that expected?