Today, when trying to open a Reporting Services project in Microsoft Visual Studio 2005, we received the error message:
Project item '4294967294' does not represent a file.
I googled for a solution, and found this post. One of the comments to this post states that checking out all the solution files fixed the problem. After carefully examining the files in source control, I'm pretty sure that the problem was caused by one of the developers checking in their *.user file for the project.
These types of files are user specific and so should never be checked into source control. You can delete them if they have been with no ill effects, as Visual Studio will automatically create them next time you open the project.
In this particular case, without checking out/deleting the *.user file, I would never have been able to rebind the project to source control.