Config Files and Version Control (svn)

How do you guys deal with this? It looks like there are two ways of thought, but to me they still both feel odd.

i just wouldn’t version it, most apps i built, if a needed config file isn’t present, the app will just make it;s own from defaults. So just put the config file on the exclude list in git or svn, or what ever your using.

In my case, I don’t think I’m able to rebuild the config from scratch, as it’s things like, where does this app live, where do you want to export certain things to. Plus I think it creates a lot of unnecessary code in the project, but I can see things where this is a good idea. Thanks.