I would avoid this projector as it only utilizes a 2x color wheel. Projector Central talks about color wheel speed several times and flat out says that they no longer recommend ANY projector for home theater use that utilizes a sub 4x color wheel.
Any manufacturer with half a brain realizes that 2x doesn't cut it anymore, which means that NEC, in the HT world, has less than half a brain in their product design and engineering team.
The Optoma H31 and the InFocus SP4805 seem to be the most often purchased and discussed entry level HT projectors on the market.
Do some more reading on Projector Central and stop worrying about 'lumens', though contrast ratio is still of importance, it is all about black level. Most fully calibrated home theater setups run closer to 300-400 lumens and are designed for theater black conditions.
In a lit room, contrast ratio becomes a near worthless specification as it often drops to about 20:1 due to ambient light issues. Pretty worthless to have a 3,000:1 or even a 500:1 contrast ratio projector in your living room if you do a lot of daytime viewing. That is when lumens count more and image quality is secondary.
There was a recent post in their forums about what projectors should be highly considered and at your price range the H31 & SP4805 are high up there, as well as the Sanyo Z2 which is a decent 720p entry level unit.
Keep in mind, we are talking entry level here, not 'high-end'...