Well, you really have the normal question of repair vs. replace in front of you. If you are electronically proficient, then take the projector off, measure the voltage at the power supply. See if you can get a replacement power supply and hook it up.
Most repairs run $400+ so there is no chance that I would send it in for repair. This isn't a car, and a tech sitting at it making $80/hr only makes sense if the part is cheap, and the repair is quick. Most of which is rarely the case with projectors.
So, if you don't think you can fix it yourself, it certainly may be time to look for an upgrade. It may be worth posting your issue, with full details, at AVS Forum. I'm not a huge fan of that site, but they get a lot of people through there who own projectors.