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I like games, i like movies, i like surround sound. With these things sorted what you need is a cinema screen. I came to the Optoma 720 kind of by accident. I was building my own projectors by butchering LCD screens and overhead projectors with varying success. Then a friend offered me one of these with 10 hours of use for £50. Sold.
The unit itself is very compact and reasonably quiet in operation, I only use it for movies and games where the sound will be turned up anyway.
It can accept inputs via composite, VGA, S-video or USB, although only the VGA input will give you maximum resolution.
Speaking of which, don't be fooled into thinking that because its called a '720' this is an HD projector. The resolution is 800 x 600 meaning although it can read an HD signal it will be downscaled to 600 lines, and if you want to watch in widescreen it will cut the top and bottom, meaning even less lines of actual picture. In truth this isn't a big problem, especially considering the cost difference to HD.
As far as performance goes, the 2500ANSI brightness is good, and will be viewable in low light and brilliant in the dark. Projected onto a wall, sheet or screen the picture is great. Sharp lines and decent contrast make this an enviable toy.
I have mine ceiling mounted to a gorilla pod so it is easily adjusted to the screen. Speaking of adjustment, the picture can be flipped, moved and resized via the remote so setup is a breeze once you have worked it out.
The only downside to this unit for me is the lack of connectivity. To achieve the best signal for my PS3 for exaple I have to use a PS3 Component cable, then a component to VGA adapter, then a VGA cable into the unit. Thankfully the VGA input accepts a digital signal so it all works but it would be much better to have a full composite or HDMI input.
All in all though, I'm super happy with the 720, I only ever run it in eco so I expect to see close to 3000 hours from it, by which point it will have been worth the money to me. My advice, if you see a cheap one of these its well worth grabbing. Plenty enough for a large living room with space for a 6-7 foot screen