Projector vs Mitsubishi WD-92840 92″ - Which will deliver the best bang for the buck? (1 Viewer)

Hi. I'm in the process of finishing my basement and would like to either install a projector or large TV in my living room. I will be using in-ceiling speakers. I'm looking at one of the two options:
1) Projector and Screen: DA-LITE - IMAGER 92" FIXED PROJECTOR SCREEN and EPSON - POWERLITE HOME CINEMA 8350 PROJECTOR (Total Cost: $2,300)
2) TV: Mitsubishi WD-92840 92″ (Cost $2,600)
I'm not an audio or video geek by any means. I'm simply looking for a nice display that I can watch movies, sports and TV on. I do have a preference for something that will allow me to watch TV without closing all the shades. I have windows that line one of the walls.
Normally I'd be put-off by the width of the TV but since I'm building a cabinet that will house either the TV or projection screen -- the 26" width doesn't bother me.
As you can see, the cost is about the same. Thoughts on which you think would be better?
Thanks in advance!
-Gary
P.S. I live in MN and haven't found any local stores that have the Mitisubishi on display. If you know of a place that has a store display in the Midwest, let me know. I'm willing to travel to check it out.

Best Buy/Magnolia "should" have the DLP on display. Every BB/M I've been in has had one...
But...
If this is not going to be a "light controlled" situation...
Mits DLP wins the argument. (now if you triple your budget on the projector and pick a higher end Panny/Mits/JVC/Sony, different story. But asking a "similar cost" projector to compete against DLP isn't a fair argument)
As a side note...I hope your front three speakers aren't going in the ceiling, as that would be a crucial nightmare.

Thanks for your thoughts.
In regards to the speakers... yes, I was thinking of using five SPEAKERCRAFT - AIM7 TWO 7" in-ceiling speakers. Will I really be that disappointed? What do you recommend instead?

Anything but ceiling for the front three. The center should be with the TV, above or below it.
The L/R should be along the front wall with the tweeters "in the same plane" as the center speaker.

I agree that a TV is for you. Is that TV the one that has multiple speakers built in the front panel?