I bought this projector in a Woot Plus sale a while ago. I LOVE it. The picture is actually quite decent--I have been using it as my tv in my sublet over the summer. I project it to about the size of a 48 to 52 inch tv and find the colors and sharpness to be decent even when the room lighting is not completely dark (read: dim). I have it set up with my Roku, and it works perfectly with that. I used it combined with a bluetooth speaker recently to have a Rifftrax movie night and it worked very well. Every was surprised at how good the picture was.
Pros: super easy to set up and use, really good picture, sharp images, very quiet (I don't notice the fan at all). Portable and light. Works well with the Roku.
Cons: picture is not HD quality, the sound is not the greatest (although I find setting it to Treble in the sound options menu helps). I could not get it to play streaming content from my iPod touch (2nd gen), which is only an issue as I try to figure out how I'm going to watch the Tour de France this year. I wish it had a headphone jack, it's the only element I really like to have on all my AV equipment.
I think the key is having realistic expectations. It's not an HD tv and you will have to fiddle a little bit with the focus to get the picture where you want it. Trying to project a huge image might blur some details. For my needs and wants, this projector is just perfect. I use it almost daily.