I own the Sony VPL-W400Q LCD, the predecessor to the VPL-VW10HT, and have it set up in a dedicated media/home theater room. I find the picture quality to be very filmlike. Can it match the Elite set in absolute picture quality, no. But there is a large difference between a 64" screen versus what is possible with the Sony. I have a 92" 16:9 screen which is 45"h x 80"w. Many people go with 110" to 120" screens. To get the best picture you should use a higher gain screen from a manufacuture such as Da-Lite, but the Sony projector also works very well projected against a bright white wall masked with a black border. This doesn't occupy any floor space. The downsides of an LCD projector - you need complete light control (dark room) for the best picture, the blacks are really dark gray, there may be a very light magenta or green fog in the corners, color saturation and brightness levels are lower, and fan noise can be annoying. I built an enclosure for my VPL-W400Q to reduce the fan noise. The projector can be ceiling mounted which frees your entire floor area for seating, equipment, and speaker placement. Speaking of the latter if you value music play back you won't have a large RPTV sitting between your speakers. Bulb life is another factor, they are 300$+ a pop and last only about 1200hrs. Not so bad if you primarily use it for watching DVDs and the occasional sporting event. Personally I have no regrets making the decision to go with the projector instead of a 64"+ Hi-Def RP set.