I have two simple guesses/hopes about the following facts. Let $X$ be an algebraic projective variety and $i: X \to \mathbb P(V)$. Let $L = i^*(\mathcal O_P(1))$ be the pullback of the tautologial line bundle over $\mathbb P(V)$.
1) $i^*(\mathcal O_P(N)) \simeq L^N$ for every $N \in \mathbb Z$.
2) Every $s \in H^0(X,L^N)$ extends to some $s^* \in H^0(X,\mathcal O_P(N))$, i.e. every section of $L^N$ can be seen as the restriction of a homogeneus polynomial of degree $N$ in the coordinates of $\mathbb P(V)$.
They are not true in general, but are they true in this special case?