According to Meyer's (2004) meta-analytic review about the reliability and validity of projective tests, they:

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Meyer's meta-analysis found that projective tests are not significantly less reliable or valid than other psychological tests and are not noticeably deficient relative to other assessment procedures. However, it is important to note that projective tests should only be used by clinicians who are trained and skilled in their administration and interpretation within the psychodynamic paradigm. The use of projective tests in court settings is also controversial and may not be appropriate.

According to Meyer's (2004) Meta-Analytic Review About the Reliability and Validity