Recs.
Updated
Great colors, a high resolution and stunning brightness (in both 2D and 3D) make this the best under 1000$ projector from Epson. It's considered to be a great pick as an entry-level projector.
SpecsUpdate
Pros
Pro Very good picture
Epson 2040 has a native resolution of 1920x1080 and is capable of playing full HD 1080p content. The Detail Clarity Processor (also used in expensive Epsons) adds more detail and makes the picture look even higher in resolution than it is. The 2040 also has a dynamic iris installed for slightly improving the black levels when watching movies at night.
Cons
Con Not a movie room projector
Black levels and contrast are not the strongest side for this Epson. If you have created a special movie room with ambient light blocked out, then you should probably purchase a more expensive projector as well. This projector is meant for watching movies in a room with ambient light (a family room). In this case, black levels and contrast are meaningless factors - they will not make much difference in the picture quality.
Con A blurry picture or extra input lags
LCD projectors have motion blur problems during fast movie scenes. Although the frame interpolation technology (analyzes and adds frames to the video) on the 2040 helps take care of the motion blur issue, this technology adds some input lag, so it can't be used while gaming.