I've spent over 200 hours now with the NZ3.
Overall, I am extremely happy with the picture quality of the NZ3. The colors look extremely vibrant as long as the source is vibrant even on 720p video.
99% of the time I am using Desktop Plex on my PC watching 4K HDR movies and 2K TV shows.
Because desktop Plex does not Pass-through HDR, Plex does it's own tone-mapping and converts the HDR to SDR. Thus the JVC PJ is not doing the HDR tone-mapping with desktop Plex.
However, I am extremely happy with the results.
I have tried the $200 Shield Pro using both Plex and Kodi to Pass-through 4K HDR to the NZ3. It looks great, but not any better than the desktop Plex. So I returned the $200 Shield Pro yesterday to Best Buy store and will continue to use the Plex desktop on my PC.
I do also have the Sony X700. The HDR pass-through is awesome. But I only use this to demo for clients, family, and friends just to compare to Plex, which looks just as awesome to me.
Cons:
1. The biggest thing I wish was better on the NZ3 is the Lens system, which I've mentioned before. When it gets cold, the lens would shift down a little. Then when the projector gets hot, the lens would shift up again.
So when I first start the PJ, I would have manually shift the lens up. Then when the PJ gets hot, the lens would shift up, I would have to manually shift the lens down.
I wish they had spent more money and made the lens system as robust as the NX5.
2. On Normal lamp mode, the fan is audible. However, because the NZ3 is extremely bright (24 FT distance from PJ to 150-Inch Screen), there is no need to use Normal Lamp mode, even for 4K HDR (you can manually change from Normal to Eco when watching 4K HDR).
In Eco Lamp mode, I can't hear the fan. It uses e-Shift for the 4K. Good news is that I don't hear any kind of noise for the e-Shift. I heard this was an issue for some eShift PJ, even the JVC eShift LCoS PJ. But I have not heard any kind of noise at all on the NZ3 for the 4K eShift.