Using django 1.4 and have seen that when you use startproject it now creates a folder within your project with the same name.
startproject
-myproject/
Yes, prefix ROOT_URLCONF with your project name:
ROOT_URLCONF
ROOT_URLCONF = 'myproject.urls'
You shouldn't import settings directly anyway (see Using settings in Python code). Instead, use the following, which works for both the old and new project layouts.
from django.conf import settings