UPDATED:

The source for the projects as I knew it has been added HERE

What's a forty hour project?

Well, logically, its a project that takes 40 hours to create.

Why would you want to limit the time like that

There are few reasons. Firstly, it means there is a definite end, things actually get finished this way.

So, what else, what good are these projects?

I've started quite alot of projects. I've finished very few. I get side tracked, I find something more interesting to do. 40 Hour projects give me a way of experiementing with another idea without moving completly away from my main project. Hopefully this will give me a way to complete more of the ideas I work on.