The excellent Sony VPL-HW50ES projector (pictures)

The only "negative" the Sony has is an almost imperceptible blue color cast, but only when compared directly against the more lush-looking JVC -- all of the Sony's colors are within an acceptable range.

Personally, I would be happy with either projector, as they both offer deep blacks, as close to reference color as you can get, and a great price-to-image-size ratio (not including the price of a screen). I'm going to push for the Sony because of the included extras, higher output, and relative ease of setup, but you could feasibly buy either: they're fantastic.

The picture quality of the Sony can be summed up with one word: superb. While there were some oh-so-slight blue tinges to some colors, its overall color balance could only be described as excellent. Shadow detail was fine, and black levels were the best I've seen in a home theater projector. Both the Sony and JVC are capable of jaw-dropping pictures, and if having to choose between two very good projectors is your only concern, it's a great problem to have.