Projections serve a very important purpose.
They give you a framework to analyze the company's operations in detail and thus understand reasons for deviations from the forecast. Projections, if made with care, at least give a good indication of trend. This is of great relevance to the intelligent investor. The other question, is whether one can make projections sitting in air-conditioned comforts without meeting management. Meetings with management serve the purpose of clarifying issues and understanding future strategy, but going to a meeting without understanding the business and drawing a core model is akin to facing Ambrose without cricket gear.