... I see, I just saved the project file in %USERPROFILE%\Desktop\test.ppr,
retesting with saving it in X:\src\test leads to

[Project tree]
        +test
                ..\..\..\..\includes\test\test1\FIRST.CPY
                ..\..\..\..\includes\test\test1\SECOND.CPY
        -Root
                test1\SOME.CPY
                test1\OTHER.CPY

this one is fine.
Last test with UNC-paths:

\\SERVER\share\src\test\test1
\\SERVER\share2\includes\test\test1
project file in \\SERVER\share\src\test


[Project tree]
        +test
                \\SERVER\share2\includes\test\test1\FIRST.CPY
                \\SERVER\share2\includes\test\test1\SECOND.CPY
        -Root
                test1\SOME.CPY
                test1\OTHER.CPY

It may be possible to tweak relative paths in this case, too.

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