This method is indeed very important in teaching, but, there are things that need to be considered first and these are the following:
First is the clarity of the Objective, next is the time to be spent on the project, then the Resources to be utilized, and the Capability of the students or the appropriateness of the project regarding students Skills and their Decision making capacity.
This is rarely seen in public schools due to some reasons like unavailability of the materials and so on... But, it is a need that this should be visible in the classrooms.. When I become a teacher, hopefully, I will be able to use this kind of method..