Avoid DLP projectors, they use a colour wheel that can leave a rainbow effect. They can also get dust into the casing which is it lands on the sensor will look like dead pixels.

also keep in mind these things can get really hot which can be great in winters but not in summer.

Anybody?

Not really had any experience with them, but I've heard Optoma are a good, affordable brand.

My boss got an Epson, supposedly so we can display same-day edits at weddings but more often it's hooked up in his basement as the primary tv/movie/gaming screen of the house. Hasn't had any problems over the last two years or so. Don't know the exact model, though.

I've been looking into the same, recently. Although, for the TV room. My idea was to step down from 50" to 46", and add a projector instead.

Ultimately, though, it's more of a hassle than a pleasure.
You need a good projector, a screen, and you'll need to make sure the lightbulbs are easy to come by.

...not to mention you need a sound system.