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Basically take everything Slimebeast has said above and mark it opposite for me.

When properly done, projector gaming and movie watching on a large screen is the best entertainment experience you can have in your house.

Projectors hide resolution loss much better than LCD's due to plush pixels and latest projectors have amazing contrast ratios and can be used in normal daylight without issues.

Below is a 92 inch 1080p projector setup I used to have, which i sadly had to get rid of when I moved. I am counting my days till I move again and set up a 100 inch projector setup in my entertainment room.