ProjectDependencies.cs

void Main()
{
	var ignores = new Regex[]
	{
		new Regex(@"Approval"),
		new Regex(@"Test"), 
		new Regex(@"Demo")
	};
	var serviceControl = @"C:\Code\Particular\ServiceControl\src\";
	Util.Image("http://yuml.me/diagram/scruffy;scale:150/class/" + String.Join(",", GetDependencies(serviceControl, ignores))).Dump();
}

public static IEnumerable<string> GetDependencies(string path, Regex[] ignores)
{
	foreach(var proj in Directory.EnumerateFiles(path, "*.csproj", SearchOption.AllDirectories).Where(x => !ignores.Any(y => y.IsMatch(x))))
		foreach(var dependency in GetProjectDependencies(proj, ignores))
			yield return dependency;
}

public static IEnumerable<string> GetProjectDependencies(string pathToCsProj, params Regex[] ignore)
{
	var doc = XDocument.Load(pathToCsProj);
	var ns = (XNamespace)"http://schemas.microsoft.com/developer/msbuild/2003";

	foreach(var dependency in doc.Descendants(ns + "ProjectReference").Select(x => x.Attribute("Include").Value))
	{
		if(ignore.Any(x => x.IsMatch(dependency)))
			continue;
		yield return string.Format ("[{0}]->[{1}]", Path.GetFileNameWithoutExtension(pathToCsProj), Path.GetFileNameWithoutExtension(dependency));
	}
}