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If I have a module suite project with sub projects and I open it with File/Open Project, then it also opens the sub projects. But if I open it with File/Open Recent Project, it does not open the sub projects. Using NB 5.0 Beta, JDK 5.0_04.
The Open Project dialog has a checkbox which permits you to decide whether to open subprojects or not. Open Recent Project never opens subprojects. (Cf. issue #58424.) You can use Open Required Projects from the context menu if you wish.