Interesting, Oliver – we work off of shared storage, but have never had more than one editor working in the same project at the same time; didn’t think that was possible due to conflicts as each editor changes the project. As far as a local cache, we had the same thing at first, but each project “save” (or “share” in Team Project parlance) triggered new media with new cache files.
Will someone else confirm their experience with sharing a local Premiere Project at the same time? If that’s possible I’ll definitely rethink using a Team Project for such an event in the future.