INFO
This file should be included only in the main module of a project, and contain the list of applied core patches, module patches and any other specifics of the installation that is important for developers.
This information should be available in other places as well and the whole site should be under versioning control. However, having the list of all patches, specifics of the installation and other important details for the developers in one place will lower the amount of time they need to spend to understand the project.
DRUPAL CORE PATCHES
MODULE PATCHES
SPECIFICS OF THE INSTALLATION