Do you want quality, or do you just want a fun side project? It seems that for the money spent you do get decent results, but it won't compare to something like an InFocus SP4805 or an Optoma H27 which is a much easier solution... more reliable, better image, the right connectivity for your theater.
I would never replace my projector with a DIY version, but I may someday build one just for fun. For the kids or something - but never will it live in my theater. It is way to much of a compromise.