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Pros: Decent brightness. 700 lumen sounds dim if compared with bulb pjs, but you can actually watch tv with one cfl on in the room. In the night, it's fantastic.
The image quality and color are also pretty impressive overall, with some problems discussed below.
Cons: Color banding... I can see it quite clearly that in low contrast low gradient area when colors are changing, it looks like 8bit images back in win3.1 time. For stationary pictures, the banding disappears.
Rainbow effect. If the contrast is high, you can see rainbow, even when you move your eyeball fast enough.
Physical pain: my wife said she had a headache after watching for a few hours of tv with it. It could be a common DLP issue, or i simply blew the image too large.
The built-in "smart" tv is actually pretty stupid. Youtube will halt after 20-30 minutes of watching. It also does not save browsing history, so if you accidentally hit "home" or "back", you will have to search again with the remote, and/or slowly jump to where you were in the middle of a video. It could be a pain.
Other Thoughts: The speakers are fair. it's loud enough, and sounds ok for most tv programs. For movies, a separate stereo system is required.
It would be much better if the lens could zoom.
Overall, it's a pretty good pj under $1k, but if you expect some breath-taking theater experience after reading all the positive comment, adjust your expectations. Keep in mind that when someone are still willing to pay 5 digits for a pj, you should know what $700 dollars give you.