I wonder whether the categorical product of two projective spaces is essentially given by the tensor product of the underlying vector spaces. Is this at least true for projective Hilbert spaces?
One problem I have with verifying this gut feeling is that I don't even know which morphisms are allowed between two projective spaces. Every non-zero linear map between the underlying vector spaces gives rise to a projective morphism between the projective spaces. But is every projective morphism of this form, or are there other possibilities? What about inversions, for example? (For the Hilbert space case, are the projective morphisms induced by the continuous linear maps?)
The question only makes sense when you specify the category in which you are working.
For an algebraic geometer the most natural choice would be the category of varieties (or even better, schemes) over some field $k$. Then the product $\mathbb{P}(V) \times \mathbb{P}(W)$ embeds into $\mathbb{P}(V \otimes W)$, via the Segre embedding mapping a pair of lines $L \subseteq V$, $L' \subseteq W$ to the line $L \otimes L' \subseteq V \otimes W$. You can explicitly write down the equations which cut out the image, which is known as the Segre variety.
But that $\mathbb{P}(V) \times \mathbb{P}(W)$ differs from $\mathbb{P}(V \otimes W)$ can already be seen by comparing the dimensions. Since $\dim(\mathbb{P}(V))=\dim(V)-1$, we have $\dim(\mathbb{P}(V) \times \mathbb{P}(W)) = \dim(V)+\dim(V)-2$, whereas $\mathbb{P}(V \otimes W) = \dim(V) \dim(W)-1$.