To me Project Life is more about scrapping & P365 is more about photos
Like Tanyia I'm not into Project Life because I won't keep up with something I can't do digitally. I suck at paper scrapping & don't have the patience for it either. I could try & do it digitally but the odds of my managing it for more than a month are small.
I do P365 as a strictly photo project. 2013 will be my 6th P365 project. I tried scrapping weekly pages but I fail at it.
I assemble the daily photos in a Blurb photo book as I go using their software. I add a small text box about each photo. It's quick, easy, I don't have to worry about choosing a kit or a template or whether or not this ribbon works better than those buttons, etc. I do scrap 30 or so of the photos over the course of the year, just in my general scrapping & I add those to the book but given the time I have available, scrapping all my P365, even in weekly layouts just does not work for me. I do scrap 'year in review' style pages for certain photos. Every year I pick 8-12 topics and take a photo a month of each of the topics. Those I do as scrapped pages.