My definition of masculine has a lot to do with scents my dad wore when I was little, versus what my mother or other female relatives/friends wore. Scent is tied to memory for me. And my dad did not wear Yatagan, so although so many people say it's manly enough to put hair on a woman's chest who might dare wear it, I really can't say it smells manly to me.
As for projection, I'd have to say that there are some female-designated perfumes that have a HECK of a lot of projection. And I really think they're quite feminine. Carolina Herrera's Carolina Herrera being one (an 80's power scent, I guess). I abhore Carolina Herrera, by the way. (Hi, Perfume_Addict!!! I gave her my bottle.)
Then there are other really feminine perfumes such as Revlon's Ciara. I think Ciara has a LOT of projection. But to me, I associate it with a specific person, who happens to be female, and if I smelled it on a guy, I would be really surprised.
I think Hypnotic Poison has something in it that smells "manly." I don't know what it is, so I can't say why it makes me think "guy's perfume." But in the drydown, when that smell comes and goes, I think, "This would smell great on a guy."
I'm sure you'll get varied answers from other Basenotes members.