I would question the logic in going from a cheap projector to another cheap projector. Yes, it's a slight upgrade, but it isn't really anything significant.

I would hang onto my cash and wait for a 1280x720 DLP projector with a 5x color wheel in it and some lens shift.

You already own your cheap projector - don't replace it with cheap, replace it with quality.

That's just what I would do though - the 4805 is definitely an upgrade.

I would think that if all your budget is ever going to be is $1,100.00 you should wait 2 or 3 years. That's just what I would do though - if you are gung-ho about spending $1,000+ for a minimal upgrade, then by all means, do it.

But, it seems that if you save up another $1,000.00 over the next year you can get a much better projector. If you wait 2 years and can save up $3,000.00 then you really are going to be looking at a much nicer projector.

Similarly priced projectors - within about 1-2 years of each other - typically look very similar and don't show a ton of improvement from one to another. Waiting a few years (at least) or going up in price is about the only way to get an improvement in quality. Sometimes there are deals on eBay or other places that are good, but I have heard a few times from people who have 'upgraded' from the PT-L300U (Panasonic) to the new AE-700 projector and have not been happy with their upgrade. To much money spent on what amounts to almost no improvement in overall quality.

What you are looking at will likely give your some improvement, but they are still 'entry level' projectors. If your theater only deserves an entry level projector, then that is your decision to make. Heck, I bought an entry level projector myself, but when I upgrade, I will spend a few thousand more to get a nicer projector to replace it. I am not in a rush to replace mediocrity with mediocrity.

So, unless you are just really unhappy with the X1 or have some more specific reasons for wanting to switch, which you didn't mention, I would recommend just hanging on to what you have a couple more years, then upgrading.