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Should update project name/display name, perhaps move project on disk (VCS implications TBD here!), perhaps update various references from other projects. Needs study - what APIs will need to be introduced, etc.
*** Issue 47673 has been marked as a duplicate of this issue. ***
*** Issue 51854 has been marked as a duplicate of this issue. ***
AFAIk, this one has beed implemented in 5.0/5.5 timeframe. projects can be moved/renamed/deleted/copied.