This is a big issue for us as well. Many of the sub-projects have the same name so without opening the feature, or bug and then opening the project and scrolling to get a reference point there is no way of knowing where you are in the hierarchy. We have 54 with a number of projects. Those that work across multiple projects have been whining very loudly lately.
Even if you don't change the project field and give some other way to display this "breadcrumbs" type functionality, it would be greatly appreciated.
Thanks
Joe