@WaitingFor is a wonderful thing
I don't tend to distinguish between my projects and delegated projects - purely because anything I delegate I still need to be involved in - even if it's only seeing the results.
The way I tend to work (also using the NetCentrics add-in) is:
Project = 3000 - Research Project A
(where 3000 is the study number at our company)
Under that project, I normally have a series of actions - but if it's a delegated project, I'll normally just have one action (for the person it's delegated to):
Bob Jones (18/06/07) Update on 3000 - Research Project A
This way, I can review all the projects (and waiting fors) in my (ahem) not-so-weekly review, and since all the projects are in one place (and in one format) I find it easier to view and act.
Hope this makes some sort of sense