As stated above No, bulbs are not interchangeable. However the newer bulbs are based on a different technology than the older bulbs. And the average is now 3000 hours. Some Mitsubishis are 5000. Some low line Barco (still expensive) is 6000 hours. Others range in here, but look for newer models.
Also with the amount of lumens these are pushing, for regular home theater - there is no reason why normal mode should be used. And most home theaters with reasonable controlled light will certainly be able to use projector in eco mode. To save power and bulb life. All projectors I have had and use at night I had to use in eco mode and usually even lower on brightness control. Mine were a 1000, 2300, and 3000 lumen. At night all generated more than enough light in a condo with plenty of windows. The 3000 one has always been used in eco mode.
Life expectancy of a bulb is just a general rating. Usually the DLP/LCD projector bulb can be used much longer or shorter (depending on use) As I have a friend with a Yamaha DPX1 And I believe his bulb is rated at 1000 hours, however his last bulb change was close to 3000 (I believe it was 2800) The bulb itself will slowly die down as well, giving you less than optimum performance. And a new bulb change will generally give you a brand new picture. Also characteristics of each bulb are slightly different and usually will require new calibrations to all or at least one color. Most projectors have safety features not allowing the bulb to blow, and unit will shut down before this happens. Usually only on defective bulbs or bulbs way past change time.
There are places that will also refurbish your bulb back to standards at a much lower cost than a factory new one. Search the net for that, but am told there is a guy on eBay that will do this for a very small fee.
Image size can go much smaller than 50" on projectors. Look at the Epson S1 its rating starts at 17" - 300" The Mitsubishi DLP Pocket projector (granted look at the name) will work and is made for smaller images starting at 12" - 60" Speaking of Mitsubishi, they actually warranty their bulbs for 1 year, compared to industry standard of 90 days...