So, I've checked these rights as much as I can in terms of how they behave in production, and it seems to me that project level "Create" and "Update" aren't currently useful, because if you don't have "Admin", you're locked out from the pages to update Metadata and add Subprojects (direct links don't seem to work either).
For many tools, it's the same deal with "Configure" without "Admin" for tool level permissions. Exceptions I've noticed, "Configure" lets you Edit Milestones in Tickets, and Add Forums for discussion.
If you have "Admin" on tool level permissions, that also seems worthless without Admin for project level.
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