I think the icon should have a drop down to choose type of project or bring up a dialog asking.
Both yes and no. Now it's been changed to work the way "most" big applications do. This way I assume is fairly logical to users; Giving you all the options through [File | New.. ], and having the most commonly used type available as a toolbar button. Just like fx. Word does it with a blank document.
But, the button hint should definitely state that it's a "New standard EXE project", not just a new project of "undetermined"/any type.
BTW; If a dropdown menu is the way to go, the [New form] button (and maybe the [Compile] button) would/could also benefit from the same solution.
Could have both, maybe the button opens the default and like an arrow dropdown next to the button like the Back/Forward buttons in IE or the New Message buttons in email apps sometimes have a dropdown to select stationary/templates.