I was just reading the documentation for Pkg.activate.  Using the JULIA_PROJECT environment variable works as expected, and Julia activates the specified project.  But the --project command line argument does not seem to work at all.  If I provide the path that I used for JULIA_PROJECT as the argument to --project, I get:
ERROR: could not open file /Users/dmatz/Data/Julia/TrickData.jl/
Stacktrace:
 [1] include at ./boot.jl:317 [inlined]
 [2] include_relative(::Module, ::String) at ./loading.jl:1038
 [3] include(::Module, ::String) at ./sysimg.jl:29
 [4] exec_options(::Base.JLOptions) at ./client.jl:229
 [5] _start() at ./client.jl:421
Am I just misunderstanding --project, or is this a bug?