I like to keep resources for current projects organized in specific folders on my hard drive, but for projects in which I’m collaborating it makes a lot more sense to keep them on the server, where everyone working on the project can pool their resources.
Creating an alias to something mounted on an AFP shared, however, won’t work that well. It’ll work from within the Finder, but if you use some other application that is setup to automatically pull up the project folder (like, for example, Transmit) it will just error out.