So I went for it with the Optoma Pico (PK101) projector and I'm very happy with how things turned out. I do agree with everyone that the quality is not quite to the level that I would like but for the purpose I use it, "it is good enough". It is all pulled together by a modded Xbox that sits below the projector in a cabinet to reduce the noise it makes, the projector sits on three books that have been hollowed out to hide the cords. The projector draws power from the a modded USB connector on the Xbox which also acts as the on and off switch. When the Xbox power button is pressed it turns on the projector. I have XBMC loaded on the xbox which has a built in sleep timer which then turns off everything. As everyone noted the quality for these kind of projectors is not quite there but in this case the sacrifice of picture quality is easily overcome by how the components interact with each other. The cabinet that houses it all is about 8' from the wall which produces an image size of 50x36in roughly. This is exactly what I wanted and I would like to thank the forum for the input.