The current implementation of "copy local" is not good. For such a simple item it has potentially hidden and unexpected behavior that does not play well in a team environment.
Just because an assembly is in the GAC of a local workstation does NOT mean it is in the GAC of a server or another team members machine. The DEFAULT behavior should be to copy the file to the BIN directory unless otherwise specified.
We have a team were some members have certain assemblies gac'd and others don't. Further we have policies from our infrastructure team that GAC'ing assemblies is not allowed, the mandate being that all web projects must be [xcopy]able.
Further, even if someone sets "copy local" to true, on other workstations it is frequently automatically turned off.