What is the optimal way to approximate a high-dimensional diffusion process by one in which the coordinates are independent? This paper presents a construction, called the \emph{independent projection}, which is optimal for two natural criteria. First, when the original diffusion is reversible with invariant measure $ρ_*$, the independent projection serves as the Wasserstein gradient flow for the relative entropy $H(\cdot\,|\,ρ_*)$ constrained to the space of product measures. This is related to recent Langevin-based sampling schemes proposed in the statistical literature on mean field variational inference. In addition, we provide both qualitative and quantitative results on the long-time convergence of the independent projection, with quantitative results in the log-concave case derived via a new variant of the logarithmic Sobolev inequality. Second, among all processes with independent coordinates, the independent projection is shown to exhibit the slowest growth rate of path-space entropy relative to the original diffusion. This sheds new light on the classical McKean-Vlasov equation and recent variants proposed for non-exchangeable systems, which can be viewed as special cases of the independent projection.