Although I have been having issues using (Corporate) EA and version control with a database repository, it might be that using version controlled packages to share a non-database EA model would provide the benefits you require.
You can use a Microsoft-supported version control like Source Safe, or CVS (I have used Jalindi Igloo to interface EA to CVS).
Having set up v.c. on the project, you then specify that the packages are 'controlled packages' and put them into v.c.
This means that only one user can update a package at once, although all other packages are readable.
This may give you enough of what you require, together with the benefits of a central controlled repository.
However, EA does not readily support loading an earlier version of model files, so if you ever have to go back for any reason, you'll have the files there in CVS, but you'll have to access them 'manually'.
The EA Help and user guide files are good on setting up Version and Package control, but not so clear on actually using it and completely silent on backtracking a model, though to be fair this might be down to Igloo's shortcoming.
There is also an Igloo mode [Package Control - Start Version Control Explorer] setting - Auto Commit , Regular CVS or Work Offline that you should decide on.
Mike