There have been some people who have done the DIY project and gotten 1080p for about 1/3 of that price. Check out http://www.lumenlab.com/

You can make your own projector using a WUXGA(1920×1080) LCD monitor you strip. There is a huge community of people eager to help. I'm still doing research before I build one (plus, saving up the money for my first one).

If you have the cash to blow and/or no time to spend making your own... the contrast ratio is great, but the lumens count is VERY low. You need a better balance of the two for an effective projector.

Looks like the PS2 designer got a new job.

Be careful with the numbers guys. These contrast ratios are ridiculously high and are near meaningless. What they are really doing is pushing the black point lower which does give you better blacks but they are also turning up the lamp which will wash out everything in the bright areas. You could use the sun to backlight this thing but it doesn't mean the picture is going to be any better or even watchable.

And the best of all, what you're gonna play on it? As usual, it is always better to wait for the things to settle. We all would like one, but is it worth selling a kidney and two small kids? :)

Yep. 1080p is the cash cow for poeple who will buy anything they think is better, even if they can't use it for years and prices will drop before any content is available for it.
I should open a hot dog stand and sell "1080p Dogs" for three times the price. Can't taste the difference, but it's sooo much better than any 1080i dog... You don't want the old kind do you?