Using links to projects will allow you to easily read the code, step by step and debug / edit these projects if necessary. In my opinion, this is priceless, and you should not do it.
However, if you find that your build time is suffering due to a large number of projects, you can use several different approaches. Here are a few:
Go to the solution configuration manager and disable the "Build" setting for some projects in the Debug configuration. Please note that this will have a side effect of having to manually create these projects when making changes, and that when the solution is loaded from the original control, you will have to manually create these projects. This approach is good for "stable but in development" projects.
Precompile the projects (in the Release configuration) and create them all in the specified folder in the root of the solution (something like "ExternalAssemblies" or "Links"). Then you must delete these projects and re-add all the links to them by going to the compilation folder and adding links from there. This approach is good for "stable" projects that you can hardly edit.
Leave the projects as they are and get the best PCs. Faster disks and more RAM are never confused on the developer's machine ... The merits of the approach should be fairly obvious.
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