In the dashboard or the sub-items list, the format of the URL is like:
http://mysite.com/admin/view/content/<ContentID>.

The default URL should use the URL alias generated by the system.
http://mysite.com/admin/Our-Projects/Canal-Plus

In case of translation (french for instance), the content should also be accessible by:
http://mysite.com/admin/Nos-projets/Canal-Plus

Open question about LocationID / ContentID in the URL
I cannot test the following scenario because the interface is not ready to add locations to a content item.
A content item can have several locations. If you use <ContentID>, you will always use the Main Location and the breadcrumb will not reflect where the user is.