Note to forum users: This is additional information for the help, not a question. However, if you have more to add about Flash projects, please do. The documentation on it doesn't have much for people using this in earnest.
Before you try to use this for a project that is of a scale that needs it, be aware that flash projects don't work well unless you can have all of your fla/xfl files in the root of a single directory. That is, if you make a change in a shared symbol in a file that is in a nested directory, not only will that update not carry over to the AuthorTimeSharedAssets (and thus the other files), but it will be overwritten when you close the file and reopen it. This failure is completely silent, so you can go along making changes for hours without realizing they didn't "take."
If you try to get around this by putting your files outside the project and using Locations, when you open a symbol in the Location directory for editing, it will prompt you to open AuthorTimeSharedAssets for editing. Not exactly the best workflow ever, but it at least gets the symbol updated in the right place to make things work as expected.
the project panel wasn't deprecated in flash cc. it was removed.
Honestly, I think this feature was so poorly documented and implemented that it wasn't as useful as it could be. The primary benefits for me are the shared asset library (that doesn't work dependably) and the batch publish (which crashes). Both of those can be done other ways--the shared library can still be done the old way, and you can batch publish using Flash Buider and Build all.