Problem 1 :
The folders listed under Your Projects doesn't have the http://localhost/ prefix by default.
So instead of going to http://localhost/your_project/ , it goes to http://your_project/
Problem 2 :
And after changing my default Apache port number to 8085 (due to Skype conflict), the port number wont automatically get suffixed to http://localhost/.
So instead of going to http://localhost:8085/my_project, it simply goes to http://localhost/my_project/ (which obviously does not work).