And you can do exactly that with Mage Hand... they both have the same weight restriction. With Mage Hand you could actually hover the item in front of one of your buddies to grab and use it.
Can't do 'exactly that' with mage hand. Mage hand takes a standard and a move action to do that, and only moves it 15 ft.
Telekinetic Projectile could move it 50 or more feet (if opponent was 25 away from you, you can target something 25 on the other side of you) and it only takes a standard action.
So not exactly the same. Of course the hover with Mage Hand is nice for holding for an ally, but also if there is enough headroom, you can have it hover 15' above the ground and a bit further every round until you get to your max range.