Here is a great post:
It shows how to get the connection string to the Project Server 2007 Reporting Database (and the other three databases which are not supported programming interfaces). This is extremely helpful when creating PSI extensions. Just one caveat, this may break after a hot fix or service pack install.
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Excellent post from Martin Winzig (thanks Chris Boyd for blogging it) : http://projectserver.cz/cms/index.php?itemid=35