Saving a workspace includes the path of all workbooks.
This is just plain awkward and non-transparent to the user. When I save my workspace Excel thinks it knows best by including the full path in the resulting .xlw file. If I make a copy of the workspace and all files in a new folder the workspace continues to "point" to the original location and opens those instead.
There must be some means of making this information available and editable by the user.