Daniel,
I think grading rubrics help diminish the subjectivity in grading most components (projects, homework, essays, exams, etc). Rubrics work because both instructor and student know in advance what the criteria is and how they will be evaluated. Balance and component weight is very important. Sometimes it takes some trial and error to arrive at a "sweet spot" for the best combination. What I've learned is tweaking is often needed in order to find how we can best accurately and fairly measure student learning.
Barry Westling