If you are buying a DLP or DLP Projector make sure there is no natural sunlight in the room. It will wash either out and tick you off... I used to have a DLP projection 42" TV. Now, I have a Plasma on the main floor where there is sunlight and a projector in the basement where there is very little natural light.
It really depends on several things choosing between the two (Projection TV, Projector)...
They are:
1) What size do you want? Anything above 72" pretty much has to be a projector although there are some DLP projection TVs higher they are rare and expensive.
2) Projector bulbs don't have the lifetime that a projection TV bulb has... So if ongoing cost is important stay away from projectors...
3) Noise... You can buy quiet projectors but they are expensive. I have a high end BenQ HD projector... Really nice, really quiet, really expensive. If fan noise annoys you stick to projection TVs.
4) Space. If you don't want to take up floor space a projector can be a good idea.
5) You will see more of the DLP grid on a projector then a projection TV.
As for models, it comes down to personal preference and what you are hooking up... Personally, I like Toshiba, Pioneer, and JVC on the TV side... On the projector side I like BenQ.
For a $1,500 you will probably not get a projector you are honestly happy with. My opinion would be to stick with a projection TV. And I don't think that you can go wrong with Toshiba. I have tried many cheap projectors but they don't display blacks really well, they are prone to action movie frame breakup, and they are really only good for computers.
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