There was a recent blog post about someone complaining (can’t find it atm but sounds like something Eugene would do ;p) that the PDE and JDT new project wizards were too complicated. After the PDE team’s feelings were crushed and the tears subsided, we simplified the wizard. This was done by moving the Execution Environment setting to the second page and removing the confusing Classpath (Bundle-Classpath) option:
If you have any other ideas to simplify things for users, please let the PDE team know by filing a bug.