Honestly man it depends on how anal you are, im very anal when it comes to picture quality. If you just want a big screen etc, then it may be just fine, but if you wanna watch a 1080P movie and be blown away by the details and the contrast and clarity, its not going to happen with a 200 dollar projector.
Basicly, the resolution that thing is throwing out is what your old Tube TV’s throw out. Dark/Light details are going to be washed out, id be amazed if it has any sort of calibration on it so colors will probably be way off etc…
It may work fine for whatever you want to use it for, but if your looking for a theatre quality movie room like I said its just not going to happen… might get you laid though if you bring some girls over :rofl