Firefox's extension site looks like a good example to me:
https://addons.update.mozilla.org/extensions/?application=firefox
They can sort extensions (read: projects) by rating, popularity, date and have an "Editor's pick". In addition, they categorize all extensions.
Furthermore, they don't overwhelm the user with version information. At least not until they actually want to download/install the extension. (First you find the module, then you worry about the details.)
Frankly, I think it is as simple as making (part of) the project module behave more like Firefox's extension site. Of course, that doens't fully address the original issue -- improving CVS and project management -- but it would help nonetheless. The rating, popularity and editor's pick, make the "fitest projects" bubble to the top.
Well, excellent example. Categorization of contrib modules is long overdue, and it is needed even if bundles are introduced. Goba