I hust bought an Epson Pro Cinema 1080 and was concidering the Epson HQV processor? Is it worth the money? What gains should I expect on regular broadcast?

This is a rebranded version of HQV's generic Whitehorse scaler box. NEC used to market it as the Theatersync. It provides really nice processing, certainly an improvement over what's available in the PJ. The only downside is limited connectivity. Well, that and the fact that it doubles the cost of the projector.

Inputs: 1 HDMI, 1 DVI, 1 YPbBr, 1 RGBHV
Outputs: 1 HDMI, 1 DVI, 1 RGBHV

For most applications, I suspect that 1 HDMI input would be insufficient.

Can I use component for the cable box and the hdmi for the blueray or hd dvd player. then the hdmi out to the projector.?

Does it make the picture alot better

Can I use component for the cable box and the hdmi for the blueray or hd dvd player. then the hdmi out to the projector.?

Does it make the picture alot betterSure, you could do that.

Depends what you mean by "a lot." The biggest improvement you can make to this flexible PJ is an ISF calibration, which costs a fraction of the scaler.

BTW, if I were you, I'd get the Optoma HD3000. It has 3 HDMI inputs, equivalent scaling/deinterlacing performance, color decoding controls (which, along with the ISF calibration will get you perfect color), and it's several hundred dollars cheaper.

The HQV solution will give you better noise reduction and slightly better HD deinterlacing.

I've actually had hands-on experience calibrating this PJ and fiddling with these scalers, so I'm not speaking theoretically.