In the Goals section, I have chosen "Lose 1 lb. Per Week", which is recommended. I have also chosen to let MFP guide me.

The numbers all look reasonable: eat 1200 cal/day and exericise 6 days a week for 60 minutes per day.

But then, when I click on Projected Weight Loss, it says that, following this plan will yield me a whopping .1 lb per week, for a total of .3 lbs in 5 weeks.

What am I missing?

Sounds like you're pretty close to your goal, MFP will never give anyone a calorie goal of less than 1200 calories a day, and it sounds like if you picked 0.5 lbs per week you'd be given 1200 calories (since it's projecting 0.1 lbs per week) Note though that you could have exercise as 0 for 0 days a week, or 10000 for 5 days a week and it won't change your assigned calories because at this time MFP doesn't believe you on your exercise "plans" until you log the exercise as complete and you get those extra calories assigned to the day you can eat them on.

So then, if I understand you; for me, losing a lb a week is unrealistic based on a 1200 cal. diet, but it is the default amount on mfp, despite the fact that I would need a greater reduction in calories for the lb/week result?

1200 is the minimum recommended calorie amount for a woman to get her minimum nutritional needs, men it's 1500 calories that we shouldn't go below.
1200 isn't the "default" amount it's the bare minimum suggested safe calorie goal... lots of people do end up with 1200 calories because they pick sedentary life-style and 2lbs per week calorie goal, but it's not the default. I get 1900 calories a week when set to lose 2lbs per week..

i have taken up 1450 cal everyday where i excersice minimum 30minutes 3 times a week.... i took the sedentary and 2 lb/week ..

but i go for aerobics and yoga classes thus i will eventually burn the 1450cal that i eat perday...

n in the first two weeks i have lost 6lb ...

It is possible and when you log in the workouts you do and mfp puts in your calories burned and food intake and complete your diary for the day then it will really show your goal and how many pounds you should lose in 5 weeks if you keep eating and exercising like you did that day.
When i eat1200 cal and burn off 1300cal in a day and complete my diary for a day it tells me in five weeks ill weigh like ten pounds lighter if i keep doing that daily

Thanks, guys!

I misused "default".. I meant that it is the "default" for people who might actually need less calories, because mfp won't recommend anything lower than that. I am a slight 4'9" and post-menopausal so, I probably could safely eat less than 1200. But I'm not unhappy w my weight as it is; I am following mfp recommendations and will lose the last 5-6 lbs extremely slowly...a lb every 10 weeks!! Egads!

And, when I say I eat 1200, I mean net cals. I'm actually eating more like1500-1800 because of my exercise.