The Hologram projector is a throwable item that when thrown creates an object that provides soft cover to any agent standing next to it. Unlike most objects that provide soft cover, the object created by Hologram projector allows both agents and guards to move onto its tile (and guards will ignore its existence for pathing purposes). The Hologram projector does not provide soft cover on its own tile in any direction.
The Hologram projector makes noise in a 1.5 tile radius, and therefore will cause all human guards coming onto its tile or any of the eight tiles adjacent (either orthogonally or diagonally) to it to investigate it. It will not trigger sound bugs, however.
It can be picked up by both agents and guards on its tile, and guards will only pick it up or care about it if they investigate on its tile (but because it makes noise, human guards usually will investigate its tile if they come in its sound range, unless they see something else before picking it up). Once picked up by either an agent or guard, it will be on cooldown for 1 turn and cannot be thrown until that wears off. Drones will not pick up the Hologram projector unless they happen to investigate its tile for some other reason, as they cannot hear sound.
Any guard that hears the Hologram projector will become alerted. If the Hologram projector gets picked up by a guard, an agent can steal it back from the guard.
Throwing the Hologram projector into a vision (either primary or peripheral) of a guard will alert him. His interest point will be a tile into which the Hologram projector was thrown. However, a security camera will not increase an alarm tracker in a response to throwing the Hologram projector into her vision.