You know I got suckered into one of those - I have a "1080P" "1500 lumen" LCD projector that I paid over $500 for on Ebay. I put the quotations on because the projector is total garbage. It's not a true LCD projector, it basically uses a halogen bulb (like the ones you use for lamps) that is projected behind a ~4" LCD screen. The color contrast is crap, the brightness MIGHT be 1500 lumens at the bulb, but is definitely not a 1500 lumen projector, and it is definitely not 1080P.
If you're looking for the absolute bottom of the barrel this might be a good solution, but I would stay away from it...