My first dedicated home theater - on a budget

[jdlivestrong]

First of all, I have to say how much I enjoy this forum and its members!

I've been thinking about turning my basement into a dedicated home theater room. I think I've read just about every review on 720p and 1080p projectors. I was originally going to spring for a 1080p projector, but I just don't have the budget for it and can't see that happening any time soon with my wife and I expecting our first child. So, I've decided that I want to get a 720p projector and the Epson Home Cinema 720 has made it to the top of my list.

I wanted to get some advice before I take the plunge (I almost bought it today). I'm looking at getting a package deal from projectionguys.com. The Epson HC720 with the upgraded 106" Elite ezFrame R106H1 (CineGray screen, 1.0 gain, black velvet fixed frame). The package also includes a ceiling mount, 25 ft of HDMI, component, s-video, and composite cables, a mail in rebate for a free replacement lamp, and an upconverting DVD player. After all the discounts and rebates, the total with shipping would be $1480. The Epson also comes with the 2 year overnight replacement warranty that Epson has become known (and maybe even loved) for.

All of the a/v equipment from my signature will be moved to the theater room so I should have everything else that I need covered. I'll be using the theater room for 70% movies (80% Blu Ray, 20% SD-DVD) and 30% TV (mainly sports). I will also have 100% light control in the room. My viewing distance will be about 12ft and I plan to mount the projector on the ceiling anywhere from 10 to 15ft from the screen (depending on what is optimal).

Sorry if this is getting too long, I just want to paint a clear picture.

My questions:

- Is that screen a solid screen? Should I be getting the CineGray or CineWhite version (I'm leaning towards the CineWhite)? Will it be a screen that I can keep and be happy with when I decide to get a 1080p projector in a couple years?

- Is this a good deal? Or could I find something similar out there for much less? If so, could you point me in the right direction?

I know a lot of you will tell me to save some more money and get a 1080p projector...and I respect that, I just can't spend that kind of money right now. From some of the screen shots I've seen of 720p projectors in action, I think I'll be more than happy with the results for a couple of years.

Any insights you have would be appreciated!