No. Adobe is not network friendly and if you continue this workflow, you are bound for serious problems.
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As Harm says, you are on a road that leads to problems
PPro does not like to directly edit networked files... the most you can do is keep your "original" files on a server, copy to a workstation to edit, and copy back to the server when done
Some previous "similar" discussions
Win Server is NOT supported http://forums.adobe.com/thread/851602
Not in a Network environment http://forums.adobe.com/thread/771151
-a work around, of sorts http://forums.adobe.com/thread/957523
-and not on a "domain" http://forums.adobe.com/thread/858977
Thanks for the assistance. I apologize for maybe using the wrong terminology when discussing how we work together. Basicly what we are using is a 'shared' drive where we host both of our project files (hopefully soon through a thunderbolt drive if the Mac Pros get the upgraded cards). That way both the edit and the motion graphic files are both using the same file structure and saved together on the same drive. Does that clarify a bit? Too much was emphasized on the term "networked" when I should have said "shared"
Dynamic Link is a way for CS apps ON THE SAME SYSTEM to udate one antoher directly without having to open and close files/projects each time. There is more going on than just looking at a file in a common directory, which is why you don't immediately see the change when your AE artists checks it in. I haven't tried it yet but you may b able to use the 'replace footage' command and then point back to the most recent vesion. I know that would work well with media files, but I'm not sure if it works with cs project files or not. But it's worht a try... jsut make sure the project is being saved with iterated names each time to avoid accidental over-writing.