I haven't personally seen one, but what I've read doesn't make me optimistic. First, it uses a 6" or 7" LCD panel from a portable DVD player with the bulb behind it.
The screenshots don't look good, either- that isn't ironclad evidence as screenshots often don't do justice to a picture, but it's useful for comparison. Lastly, why bother? You can get a "real" projector for not much more money.
BTW, I will confess that I'd once considered it for a 2nd system for videogames.