This project is for Google's WebmasterHelp videos.
Moreover the project videos listed in the project pages were unfiltered yet: see attached googlecache_project_20120919_ann.jpg screenshot of the same Google's cache for the same project.
Whereas now, the URLs for the projects, as they appear in the links in the navbar of all pages of teams, have the syntax of results of a filtered search in the whole team's videos. So for the WebmasterHelp project of the Google team, this URL is now http://www.universalsubtitles.org/en/teams/google/?project=webmasterhelp, and it merely corresponds to the result of the following filtering choice: "Videos in WebmasterHelp project with any subtitles sorted by time, newest" applied to all the team's videos. And that's why the project description has disappeared.
And though the former "https://www.universalsubtitles.org/en/teams/google/p/webmasterhelp" URL still works, what it effectively shows is this same result of a filtering choice as http://www.universalsubtitles.org/en/teams/google/?project=webmasterhelp : without description. See the attached project_pseudo_p_subdirectory_now.jpg screenshot.
Duh. If this reduction of team projects from proper page to mere filtering results is something entailed by the future introduction of the team dashboard Dean Jansen evoked during the Amara Town Hall on Oct 23 (1), then all team participants (2) should be consulted via a poll - some may prefer proper project pages.