When you come down to it, most of the decisions that we make in FF are based on our perception of the value of 2 or more players... the value of each being determined by not just where he ranks vs others in his position, but by how much better or worse he is than the rest of the position. Understanding how the value drops off at the position is important. If you express your belief with a set of numbers you gain a lot of ability to display and visualize these concepts that few outside of idiot savants could manage for the number of players and factors we deal with.
I completely agree that everytime a person makes a decision of one player or another it constitutes some type of projection. If you say that AP is the #1 RB and CJ3 is #2, you have made a projection. If you say the CJ3 and AP are in your first tier and MJD and Turner are in your second tier, I believe that is a projection. I also believe that so many people, particularly on the website feel bound to use a numerical value to assign to a player due to Joe and VBD. SO in the end, you get the two schools of thought clashing about projections being worthwhile.Now the second part of your post is where I see as a biggest issue of projections where you issue each player a projection based upon yardage, TDs, receptions, etc. You feel that having these number help you to recognize dropoffs at each position and assess value.
In my opinion, this type of projection is no more useful than tiering players and is often the source of bad decisions for many people. I know many of the subscribers here use the DD and VBD like it is the bible of drafting but when you are using flawed projections, then the dropoffs will be flawed also, no?