Both formats have hits and misses for quality that are real. But, in the end, I think it is really personal preference. For years DLP had a clearly superior image, but LCD has made incredible strides in recent years and has some new models that are very close in many ways to DLP. I've seen some of the new Sonys and I think their colors are better than DLP, plus no rainbows, no SDE, no blurring that I can see. Just a slightly better overall image.
But, still, really close.
Of course theres SXRD (LCoS) as well.