Glad you like it! It's very similar to the "Job" feature in QuickBooks Desktop but, in my opinion, it's a bit easier to navigate. What I really appreciate is that it doesn't alter your CoA or other settings in any way but acts more like a "tagging" feature.
To run reports specifically for P/S by Project, go to the Projects Center tab, click "Project Profitability" and customize the report to add or remove the specific products, services and associated accounts.
Hope this helps!