This has been completed.
When you're on the project list page you have a new "Options" column. The button in this column gives you the option to duplicate any project.
When you click "Duplicate" you'll be sent to the create a project page with the name, description and status of the project you are duplicating. You can edit the details and then when you save you'll be taken in to the new project. The notes, tasks, people and allocated time of the existing project will be copied over to your new project.
This makes it easy to duplicate a project and all it's settings and will save you a lot of time setting up new projects that have similar settings.