There can be good reasons to change an individual's assignment midstream, but in such cases, there is a need for communication, discussion, and a clear mutual understanding of the need for the change. When a project is yanked away and the employee is then handed a project that is actually a plight, it is not surprising to find serious resentment.
You are the best person to determine if your manager's actions were an insult or a compliment. On the one hand, it is possible that your manager was upset with your work and decided to grab the project and punish you. On the other hand, your manager may have believed that your original project is a little too easy for you and it should go to a lesser skilled employee, while the real challenging project that has been stalled for months should be given to you.
You and your manager need to sit down and discuss exactly what transpired here. It may also be helpful to try to set some ground rules regarding midstream project changes in the future. Your manager needs to realize that when something is pulled, it is part of human nature to pull back, literally and figuratively.
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