I pre-ordered it at that price, so I guess I don't think it's overpriced after considering all the competition in the $1000-$2000 range. Yes, I'm aware that there are higher resolutions available and that "dude, HD is the future". Of course, it all depends on how it actually performs, so I have 30 days to try it out from Crutchfield with free return shipping.
Unfortunately it's the only one of it's kind (new darkchip DMD.. whatever) so we'll have to put up with it's price. Wish they'd offer an 800x600 version with a faster color wheel + component & DVI for less. Oh wait a minute Optoma does (minus DVI):
Actually, the X1 at native doesn't scale - it crops off a few lines on the top and bottom when it does 16:9.
The 4805 is the only true 16:9 budget DLP. 4x wheel is probably much better than 2x (I couldn't see any rainbows on a 5x, albeit a $12k one at the HT shop, but I see quite a few on my X1 in white & black scenes).