My son, who is 6, loves the termly projects!
Our school gives the same broad topic to every child, but how they interpret it is up to them. Some parents get very competitive (which is always obvious and the rest of us just laugh at them) while some do v little, which is a shame. But the good thing is that, with parental support, each child can do what stretches them, regardless of their abilities.
They start this in year 1, and get a topic every 1/2 term hol, to be taken in during the last week of term.
We talk about the topic and my DCs chose what they'll focus on. We use the internet a lot. I do some pre-Googling and bookmark lots of suitable sites. We also visit the local library. They do what they can best do themselves. I do NOT do it for them.
9yo DD likes to print pictures, write captions and stick it all onto big card sheets, or build models. 6yo DS likes to chose photos that we put into Powerpoint (he can click Insert > Picture > from file ...) then he types simple captions, for which I help with spelling. Both have to stand in front of class to present their findings.
It's been brilliant. They learn useful research and presentation skills which will last them for life.