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Have you tried setting a start date, then set the repeating interval to whatever it is you want, and set the project to repeat from Completed date?

Example:
Project Test
click on start date and set to today
click on the inspector icon to view the inspector for the project
set it to repeat every 2 weeks
set it to repeat based on completion date

complete the project.

The next start date should be 12-14-2008.

If you have a specific example of a project you are trying to repeat, it may be easier to set up a test.