Why or Why Not - Project-Based Business

It sometimes feels like my brain is so wired to disregard project-based revenue that I could be looking a great business in the face and not realize it. Some of you may be able to relate...

I know recurring and high switching costs are the holy grail of revenue, but can someone make the case on why project based businesses are okay (think highly profitable custom construction).

Surely someone out there loves project-based?