We were concerned with having fields that serve multiple purposes.
We have modified the standard product backlog item to include a field we call Product. (We also renamed PBI to Story and Bug to Defect.) The Product field contains the name of the product and the release. This allows us to know which features are scheduled
for the release.
We use Iteration Path exclusively for the sprints as mentioned in your "Latest Model". We have one sprint for each two-week period throughout the year. Allk teams are always working on the same sprint. They may be working on different
products, but the sprint is always the same.
We use Area Path exclusively for the team that is working on the story. This will change when we go to Dev 11, since it has a Development team field.
This way each field has a single purpose. This allows us to report for each team for a specific sprint and see which product/release they are working on. We don't have to remember which sprints correspond with which products.
Why did you choose the name "Latest" to describe the alternative model to "Declarative"?