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Project Architechture is really a buzz word. You can just compare that to a building architechture. A building should have a good architechture like Bright hall, Spacious bedroom & Medium size dining room etc. Similarly, a software project should also be architechtured well. It starts right from choosing the right technology for implementing the requirement.

For example, user authentication can be done either by Active Directory or by Form Authentication. But its always good to have Forms authentication in ASP.Net, its also possible to have Active Directory authentication but its a bad architechture which will affect the application's performance. So, there are certain things to be considered (here comes the word architechture)....the project should be architechtured well which will server the purpose of the project for a long time.

Hope this will help you. Please feel free to ask more.