How to import Eclipse Plugin Project?

I'm not sure how the osmorc setup is supposed to work, since the plugin does not seem to resolve the dependencies at all? If I remove the Global Library ECLIPSE as suggested in the documentation, there are no dependencies left...and so quite naturally the project will not compile... if I leave the ECLIPSE library in, I have the whole target platform on  the classpath and every mini project turns into one huge thing that  seems to load forever...only if I add the dependencies that are defined in the MANIFEST.MF file manually, osmorc creates a bundles directory in the projects output path, where it stores all the libs that I defined in the module's dependency...what is it, that I don't understand?

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