What are Projects?
Projects can be a great way to segment and silo data if you're working for different clients, or have specific information you want to track. The benefit to using the projects is that you can assign a Link Partner or Media Outlet to different people for different projects, You can also create Project specific custom fields to track data that is similar but will be different across different projects.
Should I enable them in my account?
BuzzStream accounts out of the box do not have projects enabled. If you're an agency working on behalf of different clients or you have specific campaigns you're looking to track then Projects will be something you'll want to use. If you're working internally for an organization who is smaller and/or you're just starting your Link Building efforts you may want to not use projects and instead use tags and custom fields to organize your data.