It seems that, from Google Cloud Console there is no way to delete a project.
Note: As of 2013-09-19 this is no longer an issue because Google had fixed
As of Dec 30, 2017, this appears to be different (yet again). I did the following.
Logon to the Google Cloud Console, Select IAM & Admin then Settings (from hamburger menu on top-left nav-bar). This is a cascading menu. After choosing that I saw the following.
On the bottom left of the screen is a button/link labeled Manage resources, click on it.
After clicking on it, I saw the following screen, on which I selected the project name I wanted to delete and clicked the Delete ICON/button.
Then I was asked if I wanted to "SHUTDOWN" the project and to do so I had to enter the project ID number, so I did and then clicked on the SHUTDOWN button/link.
Hope this helps someone. The others answers did help me out but were not the exact steps I had to follow.
Important Note: The terms "Shutting Down" a project and "Deleteting a Project" seem to mean the same thing, so if you stumble across something that says "Shutdown the project" you have likely come across another way to "delete the project".