I dont see how project isnt worth using. Granted all i do is pvp and I dont hit dummies cause dummies no hit back. But my project crits for 2.8 - 3k plus another 1.4 - 1.5k when it procs a 2nd rock. I run many different full Balance specs and I find Project to be very useful.
It cost to much force to be useble in PvE long term. In PvP there is brief moment you're out of combat and have higher energy regeneration and therefore can use more draining abilities, in PvE you'll need to constantly manage force. The use for project in PvE I think is more as a filler when you don't want to cast TK Throw but can't apply dots or FiB yet and is very good as such.