The network information resides in the GECK ini file. Whether you're a team or a single user or whatever, you have to enter the network addresses in the ini file.
Some parts of it seem to be functioning, but then it just dead ends. :/
It will read from ini's and write new ini's like it's supposed to. It just never generates the .fud files (Bit Array File Update) for the masters which is required. Since I can't get past that step, I can't check to see if the actually check in / check out / merging functionality is still there.
I don't know why they would remove VC from NV geck, but leave it in Oblivion CS, Fallout 3 GECK, and now Skyrim CS. Without VC, large projects are an uphill battle against the editor. The bigger the mod, the more unstable the editor. There are some 3rd patry tools for merging, but they do not create the proper ONAM overrides which allow masters to talk to eachother.
Say you edit the mavmesh in the NV world in order to add a mod that uses an esm also. The mod should have ONAM overrides in the header for each override in the main esm. Without that, glitches like NPC's not following you through doors is basically assured to happen.
My advice, without VC, keep your mods small (<1MB) in order to save your sanity. That is unless you have a firm understanding of the 3rd patry tools and are willing to live with some glitches.
Do Obsidian devs chime in here? If they could confirm it's removal, I can stop trying to get it working