With the prices of budget 720p projectors in the $999-1,500 range and all the HD sources becoming readily available to the majority of consumers (cable/sat, HD-DVD/Blu-Ray, HD camcorders, Xbox360/PS3/PC games), 480p projectors are already dead in my eyes. I'll give them MAYBE two more generations.
By the way, regarding reference images, I will be changing my reference image in my next review to a closeup photo of each image on a Dell 1905FP 19" LCD Monitor, which has produced very good images that are more similar in characteristics to other photographed images while retaining good color, contrast, and overal image composition characteristics as my previously used computer screenshots.
Also, I will post a 'How we test' article soon, going into detail as to my test environment and conditions, but I can tell you the details of how I take my test photos:
Canon A610 5 Megapixel Digital Camera
Lights are OFF
No Flash, Tripod
F-Stop - 2.8
Shutter Speed - 1/4 sec to 1/50 sec, depending on each image requirements
Distance - I usually take the photo from the same distance as normal viewing (7-11 ft)