To reproduce:
1. Use this batch file in the Assets folder to load unity:
pushd %~dp0
start "" "D:\Unity550f3\Editor\Unity.exe" -projectPath %~dp0..
popd ;
2. Close Unity;
3. Load Unity again;
4. In the projects list, there will be an entry which says '..' instead of the correct project name. (See "incorrect path.png" attached).

Expected result: the project name is listed.
Actual result: ".." is listed in the project list.

Reproducible on versions: 5.3.7p3, 5.4.4p1, 5.5.0f3, 5.5.0p4, 5.6.0b6.