I have the Sony VP AWL 10 at my place, using it for the last year or so (800 hours) and its still going strong without any problems. I would vote in favor of prj any day! I mean, once you've gone 100+ inches, 32, 42 and so on seem too small. I play XBOX and watch movies usually. About to connect TATA SKY too... Also, you can reduce the size and it is almost like a 60inch LCD which works with a bit of ambient light aswell...
If you can control light in your room (Most of us in India can, thanks to heavy drape curtains prevalent), go for a prj. Surely worth it!