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Why is it advisable to get a separate analogue mixer even though I have a ProjectMix?

I am aware that the faders on the ProjectMix do not mean that it IS a mixer; the manual made this very clear. Given this (and that I can monitor mix with Pro Tools M-Powered 7.4 anyway) why should I add an analogue mixer even if eq, panning, and gain can be applied during the mixing process? I don't need additional outs for monitors and headphones so the outs of a mixer would be pretty useless. My guess would be, the pre-amps of an analogue mixer are far better than that of a projectmix.

With the PM you are controlling the stuff in PT (as you have read in the manual), so when you move the fader you are moving the associated fader in PT. So the difference is latency. If you need to add EQ, for example in a recording situation, the processed sound will have to come from PT and therefore will have latency. Most people/musicians wont be able to perform hearing back with latency. So with and external mixer you could provide the EQ without any latency. There are other examples, but that is one.

An external mixer would also help to provide monitoring to performers with zero latency in normal recording situations. So this is the preferable situation for flexibility etc, but it does add a layer of complexity and cost to your setup.

The pre-amps of an external mixer may or may not be better than the PM, it depends on the mixer.