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No, it's not a bad thing. They are considered color crosses, and thus mixes but pure of breed.
A project happens when a breeder is experimenting (sometimes they're even accidental), and comes across something unique and decides to reproduce the results thus creating a new color in a breed or a new breed entirely. Some projects are the re-creating of rare breeds, trying to get birds as close as possible to the real thing and having them to breed true.
As far as expense, well that depends on the demand. Currently the lavender color in Orpingtons is rare in the US and demand is high, even for project lines. Someone who purchases eggs from Lester's line essentially has saved themselves several steps for starting or continuing their own project line. A lot of time and effort goes into establishing a new color in a breed. It's definitely not for the faint of heart or impatient individiual.