This is an excellent project, use it in my theater room. Great colors and brightness, great HD, and good 3D (although I haven't tried very much 3D content on it yet).
I got one of the Favi brand screens from Amazon to go with it, they are very cheap and are very nice quality. Went with the 120" Electric Drop Down, but manual pull downs can be a bit cheaper: http://www.amazon.com/FAVI-HD-120-16-120-Inch-Projector/dp/B0026DTP2S/