Different projects may need a different setup for notifications/emails. 'Email preference' options allow only a uniform setup which will apply to all project a user is subscribed.
Find a way to make notification/email setup being different for different projects, so users have more flexibility in receiving notiifcations.
Use Case: As a heavy user of Phab I have varying levels of interest in a task and a good surrogate of that interest level is which project/tag the task has associated with it.