It looks like today Office 365 has converted our "Project Online Premium for Faculty" licenses to "Project Plan 5 for Faculty" licenses, but which does not (yet) have access to the new Project for the Web or Roadmap services. Our "Project Online Essentials for Faculty" licenses have not (yet) been converted to "Project Plan 1 for Faculty" licenses yet, but perhaps that is coming later.
I was able to enable the "Project Plan 1" one month trial and that did give me access to use Project for the Web. So, it is still to be determined whether or not the "Project Plan 5 for Faculty" (or Plan 3 for Faculty) licenses will eventually give the same access as the "non-faculty" versions of those licenses. For now, I have ordered some additional non-faculty versions of the licenses so that we can be sure to have continued access after the trial completes.