Yeah, thre graphics can contain geometry that do not have a spatial reference defined, the map will assume that the X and Y of each point is the same spatial reference as the map and if it is your graphics will appear correctlly even with missing spatial reference, but when you project them the spatial reference needs to be there in order for the service to know that its converting from A to B. in your case it was convert from Null to 4326 and the service threw an excepction.