A late joiner in this thread but here's my 2 cents worth. I do not want my dlls in the system directory because I do not want to descend into dll hell. I do not add the dlls to the project and keep them in their own subdirectory which is put in the path statement. This is a little more work but it does give me some security.
A problem is a problem only as long as it has a possible solution. Lacking that, it becomes a FACT!