Why don't Projects folder and subfolders dynamically update with file system changes?
I don't believe this is the problem of Sublime Text as I am also using OSX 10.7.5 and have the same problem when viewing files and folders on a NAS (network server).

For some reason the Finder doesn't 'build' the folder/subfolder view as it used to on my earlier OSX 10.4.11 iMac - so it MUST be the newer operating system and Finder.

I have to force the Finder to quit and relaunch it for it to show me the up to date cached file system. It is causing me a real problem.