Having read a number of these projects over the years (though I never assigned one, it's a Social Studies thing) it seems the project has multiple parts. There is a budget project component in which students plan out their budget given a hypothetical straight-out-of-college salary. Additionally, students collect letters of recommendation, writing samples, personal reflections, and submit them in a 1" white three-ring binder complete with clear plastic page covers for each page. It's akin to the teach portfolio I made at the end of student teaching; it's an artifact students could theoretically use and adapt when it comes time to apply for jobs.
In theory, and even in parts, I think the project is solid. Absolutely, students should be reflective, and of course they should learn about planning budgets. The problem, however, arises in the final presentation. My first few years here, students would turn in a vast array of styles for the final project. Some were plain and bland, while others were puffy and colorful. Some students clearly took the project and ran with it, while others did the minimum. The projects, while pretty similar to each other, were at least a better reflection of each student's ability, or rather, a reflection of how much effort they chose to put into this final piece of work.
In the past few years, however, the projects have been sterilized. All students use the same binder, all papers are printed in black and white on school paper, and everything is devoid of color and style. Perhaps this makes them easier to grade, or perhaps this is an effort to make them more "professional", but I know many teachers have grown curious as to where the creativity went. I don't suppose I blame the teachers who assign these projects for insisting on uniformity; it does make it much easier to grade when dealing with a full-class project like this, but still, it's troubling. You see, now there's 363 white binders, all virtually identical, sitting in 73 standard paper boxes in a now-vacant classroom (our enrollment is down this year I guess...). If you're going to make 363 near-graduates complete a graduation project...and every single project ends up identical, then what's the point? The project really ceases to be a "project" of any sort, and now just an exercise in following directions. It's as though we used to hand students a box of Legos and say "build a building", but now we give them the Lego bricks along with the instructions and say "make this replica of Bag End from the Hobbit, and make it match the instructions perfectly." Students are no longer really "making" anything, they're just following orders...which is fine if you're giving a test...but projects are usually more than that.
As I said, this isn't a negative reflection on the teachers involved, or the administration. I'm told the whole Senior Project system is getting a big shake-up in a year or two anyway. Getting second-semester seniors to do anything of value is a challenge in and of itself. I do think it's important to ask, though, if these types of assignments are really about the product, or if it's about the process. If you're stressing the perfect final product, just make one really good one and photocopy it for all students. If it's about the process then let the students figure out what it should look like. They might fail, but they'll do say "daring greatly".