A project that requires you to work with your peers - intended to simulate the 'real world' where you work with other people on a day-to-day basis - it does this rather well, because like the 'real world' the bulk of the group will end up freeloading off of the work of the more responsible individuals (usually you).
You: Well I was up all night finishing the write up for our group project. Did you finish your portion?
Brian: Oh yea dude... I didn't get that email, what are we doing again?
You: You do know the presentation is tomorrow morning...right?