SQL Server 2012 came to the market a little bit earlier that expected. Because (for any reason) is possible to want to use SQL Server 2012 for existing products such SharePoint Server 2010 or Project Server 2010 we MUST be very careful and think and plan BEFORE we going to the installation process. On March 20 knowledge base on Microsoft TechNet was updated in the topic of: support SQL Server 2012 and Project Server 2010. Let’s look for few most important points of that:
Database server in a farm
The 64-bit edition of Microsoft SQL Server 2012. The SharePoint Server 2010 Service Pack 1 and Project Server 2010 Service Pack 1 updates must be installed to your Project Server 2010 installations in your farm in order to use SQL Server 2012 to host your farm databases.
Single server that uses built-in database
If you have Microsoft "Geneva" Framework installed, you must uninstall it before you install the Windows Identity Foundation (WIF).
Front-end Web servers and application servers in a farm
The 64-bit edition of Windows Server 2008 (…) SP2; or the 64-bit edition of Windows Server 2008 R2 (…) If you are running Windows Server 2008 with SP1, the Microsoft SharePoint Products Preparation Tool installs Windows Server 2008 SP2 automatically.
Project Web App
Project Professional client connectivity to Project Server 2010. Office Project Professional 2007 (SP2) will connect to Project Server 2010 only when backward compatibility mode (BCM) is enabled on the server. For more information about BCM, see Project Server 2010 upgrade overview.
Microsoft Project Professional 2010
Microsoft Office Project Professional 2003 connectivity to Project Server 2010 is not supported, even when BCM is enabled on the server.
Microsoft Office Excel 2007 or Microsoft Excel 2010 is required for report authoring. Project Web App users do not require Microsoft Excel to view reports because the reports are rendered in HTML through Excel Services in Microsoft SharePoint Server 2010. To use reporting in Project Server 2010, you must install the SQL Server 2008 Analysis Management Objects (AMO) on each application server in the farm
More very detailed information and over thirty external links You will find on the page: Hardware and software requirements (Project Server 2010)