I've noticed that if I include one Org file into another using #+INCLUDE, then I'm not getting a proper path to babel-generated figures at least while doing HTML export. I believe it is still an issue for non-babel images.
I feel like it would be nice to export an updated relative path to included image file with a different base when exporting master document. Current implementation forces either to keep project Org files in the same folder or use more sophisticated relative paths like ../sibling-project/foo.png . Though I did not try the latter. -- Mikhail