Nowadays it is practically forgotten that for observables with degenerate spectra the original von Neumann projection postulate differs crucially from the version of the projection postulate which was later formalized by Lüders. The latter (and not that due to von Neumann) plays the crucial role in the basic constructions of quantum information theory. We start this paper with the presentation of the notions related to the projection postulate. Then we remind that the argument of Einstein-Podolsky-Rosen against completeness of QM was based on the version of the projection postulate which is nowadays called Lüders postulate. Then we recall that all basic measurements on composite systems are represented by observables with degenerate spectra. This implies that the difference in the formulation of the projection postulate (due to von Neumann and Lüders) should be taken into account seriously in the analysis of the basic constructions of quantum information theory. This paper is a review devoted to such an analysis.