It's slightly irritating to "cd" to your project directory again when you open a new tab in iTerm. Most of the time I open a new tab, I would want to go to the same directory. Other times, I'd be running a command which doesn't care which folder I'm at. You can configure this in Preferences » Profiles » General » Working Directory to “Reuse previous session’s directory”.
If you're using OSX Terminal app, it's Preferences » Startup » New Tabs Open With to "Same Working Directory"