MetaSetup stores project files as .ms (MetaSetup) files. The .ms file has xml as format and contains everything your project has configured, including Banners, Files to Deploy (not the content of files, just paths), Icon files and all kind of settings you have done while creating your project.
Files to Deploy
The .ms file contains the files to deploy which is the content of installer. .ms does not contain the content of those files, it just contains the path to those files. This also means that if you reinstall your computer and load the .ms file and paths to files are not same, you will not be able to build the installer until you have fixed the paths.
Advanced: Editing .ms files
We dont recommend editing any content from .ms files manually but sometimes advanced users might try to, always make a copy of original file before doing such experiments
.ms files contain pub/sec keys which are passwords to your project. Never share your file with other people. You can share them with our support team.