Is project-based learning superior to textbook-based learning?

Our recent Readers' Survey asked participants to name the Worst Old-School Teaching Tool That Should Be Tossed [2]. Chalkboards came up the "winner," but textbooks were one of the runners-up. Indeed, textbooks seem to be losing popularity tests far and wide, while many educators believe project-based learning is a much better means of teaching. We're interested in your opinion.