The Sharp XV-Z12000 is the best projector picture (best picture period, actually) I have ever seen anywhere, bar none.
I actually bought the XV-Z10000 right before the 12000 came out and was able to swap them out thanks to Ultimate's 30 day no questions asked policy to swap it for the 12k, with some amounts of extra $.
The 10000 is a pretty good picture too, but doesnt have as nice a black level as the 12000 or as accurate a color. It appeared that the red was way off in comparison to the 12000.
I did like that on the 10000 the brightness and contrast levels seem to be wider, in that you could make more dramatic strokes from a to z, but the 12000 does allow much finer adjustments, though over what appears to be a smaller range of tweaking.
The 12000 also comes with all the latest technological upgrades to the 10000, not the least of which is the 7-segment color wheel, which helps do away with the rainbow effect .. which I cant really say that Ive ever noticed, ever.
I was pretty happy with the 10000, but man the 12000 with my brand spanking new firehawk screen
Damn, life is good.