Apologies Bob, I was using the ITIL V2 reference (thanks betzltr).
I agree with your synopsis: Source should be controlled separately to the storage and maintenance of load objects. The developers then have access to checkout/in the the source, and after build (hopefully with some automation - build management) the resulting objects are stored in a central location for release to specific target environments.
The main issue I had with Harvest is that since we are not using it for source control, and we could not use it for change management / release management, requiring users to interface with yet another product was getting to be unwieldy. In the end, an end-to-end solution was needed and it would have required a significant investment.. more than what was allocated for the project.
For a basic DSL, Harvest will do the job. It allows for checking in and checking out of load objects and can deliver the load objects to a target location. It does not have release management or automation functions. It has basic administration functions. You can define approver groups and implement an approval system (although, this may require database access).
One of the issues I was facing was on how to get the load modules into Harvest.. something I never adequately resolved..
It really does come down to 'what are your requirements'.