Pack a file and if setup correct a LOG file is created in P: Logs
User log here saves a Prefix for all PBO files that was created , however when you have for whatever reason be it by mistake or dev process a desire to change from

P:|dbo\dbo_horse\

to
P:\dbo_horse\

when you set the projectpath to a namsepace or vice versa , it wont change from the prefix you first packed a pbo with that same name of the last folder in the path.