As part of my role as a dedicated support engineer, I proactively perform upgrade tests on customer databases that I bring in-house to my testing servers. After I restore the databases on a server with the customer's current CU level, I perform functionality validation testing prior to the upgrade to ensure everything works as it should. I use this URL for the test steps: http://technet.microsoft.com/en-us/library/gg502592(v=office.14).aspx.
I am getting ready to begin a round of testing and pulled the latest CU, which is the Dec 2012 CU. In downloading the CUs and investigating any "goings-on" with the patches, I came across an article by Brian Smith on the new Microsoft Project Support Blog. In short the KB article for the SharePoint Server 2010 package claims to include the Project Server package, but it does not (this is being corrected).
Please go to this link for the detailed information: http://blogs.technet.com/b/projectsupport/archive/2013/01/03/project-server-2010-december-cumulative-update-clarification.aspx
Also, please bookmark http://blogs.technet.com/b/projectsupport/ for future reference!