Daniel wrote a lovely post, Kill, commit, or transform your projects over on praglife.
Keeping projects around that are not staffed, multitasking on several projects (committing to none of them), and running away from reality doesn't help anyone. The projects don't finish faster–they finish, if at all, slower. The people don't have a sense of accomplishment, they feel as if they have a never-ending mountain of work.
Sometimes, transforming a project is as simple as asking “How little can we do and still have a valuable product?” Too often, we fall into “how much” thinking, instead of how little. Sometimes, transforming a project is much bigger.
Whatever you do, don't blindly commit to projects. I'm in the process of drafting a post about that and will link it here when it's done.