WARNING - Long & Controversial Answer
In this industry there will ALWAYS, and I can't stress that word enough, ALWAYS be something better coming out. As for 1080P, I wouldn't wait. The projector you are looking at buying is around $1500 after rebate. That is dirt cheap for a projector of even a decent quality. If you are looking at getting a projector now and then change your mind to "Well, I can wait a few YEARS" then I would question your immediate need to spend the money on one (that’s not a knock on you I only mean if you can really wait, then wait). There will always be great deals and sales that can be had on consumer electronics. As far as 1080P pricing coming down... it is a misconception that high end electronics (particularly video displays) get that cheap that fast. Look at Plasma TV's for example. In 2000 a 42" HD model from Philips was going for around $12,000. Well, here we are 6 years later and for quality name brand plasma you can easily still drop $3K. Currently the new Sony 1080P projector is around $10K and is a very nice piece. And, sure, other brands will come out with 1080P that won't be as expensive as Sony's, but how many years until they’re $1500 with a rebate? That's anyone's guess, but I have found that the past is the best predictor of the future. I haven't even scratched the surface as to why 1080P is ridiculously OVERHYPED. Like I said before, I just installed the Panasonic 900 and for an under $6-8K projector I can't see why someone wouldn't be thrilled with it in terms of value. Note: This coming from someone who has installed $5K-30K Vidikron models (not to mention how many other brands). Besides, for $1500, if you decide to upgrade two years from now you can sell it and not take a huge hit on the loss.