The Eclipse 3.1 has a new feature. Now the Java project settings like Compiler and Code Style can be shared with the entire team using the version control tool.
To do this right click the project in Package Explorer or Navigator view and got to either Java Code Style or Java Compiler options. Check the Enable project specific settings.
This will create a .settings folder in the project root. Eclipse will add and maintain the project specific configuration in this folder. Commit this folder to the version control. Thats it. Now the project settings are shared with the team. When the other team members synchronize with the repository they will get the project settings too. Any team member can update and check in the settings. Cool!