Isaac started Snippet Sync nearly 6 months ago, and it sat around in our development sandboxes untouched until a few weeks ago becuase we rarely used snippets, mainly due to the fact that they did not parse global variables. Basically we couldn't effectively get snippets into our workflow that made an extension like this useful. But now that my feature request which allows global variables to be parsed in snippets is currently in the 2.1.5 beta and soon to be 2.2 releases, snippets will become an intregal part of our development process. The only downside is that snippets are not on the file system, but instead are in the database, meaning they are not in our Subversion repository. Snippet Sync alleviates that restriction, and lets us create snippets on the file system that are then synced with the database.
Yes, this has been part of LibrarEE, Mountee, and Snippet Files, but all we needed was for snippets to be sycned, behind the scenes, without changing our development process or adding extra fluff to the control panel.
Snippet Sync is MSM compatible, and has a config variable to override the default folder location. You create and save them just like you do templates... same folder structure, same naming conventions etc. See the documentation for more information.