They suck for the students, students have some afterschool activities and need sleep. They stay up all night working on the project, and thus, makes them tired the next day at school. And that affects their productivity. Which makes their outcome more sloppy.
Its bad for teachers too! They have to research all the things the students researched to make sure their project is accurate, and they have to grade it too! And they have to grade about 110 projects. Thats A LOT!
Yes, they do take a lot of time both for the teacher and the students, but that is voluntary. The teacher chooses to give the assignment, therefore he/she chooses to spend the time correcting. The student chooses to take that long/postpone it, making them either stay up late to finish or get a bad grade.
The main reason they SHOULD be gotten rid of is if they are irrelevant. (which many are)