<p>I've recently had to switch from Visual Studio to Eclipse CDT.<br>
It would seem that Eclipse "workspaces" are not quite like VS solution files.<br>
Eclipse workspaces use the <code>.metadata</code> folder for managing multiple projects, but there doesn't seem to be a simple distinction between user settings or IDE preferences and project/solution settings.  </p>

<p>What I want is a way to group a collection of related (and dependent) projects together and have that data live in source control without all the other user specific stuff that developers don't need to share. 
You know, like a <code>.sln</code> file in Visual Studio.  </p>

<p>Does Eclipse just not work this way?  (And if not, then why not?)</p>

I often find IDE's have a preferred way to work. Sure, you might be able to get the IDE to do it your way, but you'll probably end up fighting it all the way.
Try to use your IDE like their makers intended you to. They have made presumptions on how you are supposed to do your work. They have optimized the user experience according to those presumptions.
Go with the flow. Anything else will make you gnarly, bitter, wrinkly and give you gastly breath!
Corollary
: If you can, choose the IDE that makes the same presumptions about workflow as you do!