I just bought and hung a VMax 100" screen (16:9), and thought I'd share my experience. This is the third screen I've owned. The first was a cheap manual DaLite, and most recently a more expensive DaLite Cosmopolitan Tensioned screen).
I recently got a Panasonic AX200U and wanted a 16:9 screen, which is why I got the Elite VMax.
Arrival and Unpacking
The screen was unceremoniously left on the doorstep by FexEx without a signature. Strange, because I live is a relatively high theft area of San Francisco, and they usually don't leave anything without a signature. After noticing a dent in the box, I suspected that perhaps the driver didn't want to deal with a damage claim.
The dent didn't look bad, so I unpacked the screen. It was packed pretty well, and survived undamaged. There were two flaws that didn't look related to shipping:
(1) The back of the case was bent in strange way, as if someone tried to pick up the screen by wrapping their hand around the sheet metal in the center of the case. This must have occurred before the projector was packed.
(2) The black paint on the case was uneven, parts were glossy and other parts were matte.
After hanging the screen however, both these flaws aren't visible.
I mounted the screen from chains hanging from the ceiling. Easy job, except that the sheet metal at the ends with the holes was so thin that it bent by 45 degrees when the screen tapped the wall while I was lifting it. I fixed it with some pliers, but it would be nice if the metal was a bit thicker
There are 2 adjustment screws to control both the drop and the closing position. Once I found it, the drop screw was relatively easy to reach with a hex wrench (not included). It was not sensitive: I had to turn it about 23 times to get to the drop position I needed.
The close position adjustment screw is completely unreachable without dismantling the case. Luckily, the screen closed correctly (not too tight and didn't leave anything hanging) so I didn't need to adjust this.
The screen is very slow going up and down (30 seconds vs. 7 for the DaLite), but almost completely silent. The remote controls (IR & RF) came with a battery each, but one battery was completely dead. The remotes themselves are poorly built but seem to work fine.
The control box attaches to the projector with a wire that's only about 6-8 feel long, which is a bit annoying. I'd prefer to put the box somewhere farther way from the projector, but since it's a proprietary (4-pin) cable, I'll have to live with it. Also, the cable plugs into the projector at the top, not the back, which causes two problems: (1) the cable is visible after it's mounted, and (2) the cable is pressing against the chains holding the screen, since the chains are at a 45 degree angle. Hopefully it will last.
Picture and Size
The size of the screen seems a tiny bit off the 16:9 ratio, though I haven't measured it. If so, it's only perhaps 0.3 inches too high, so it's not really noticeable. The material is very similar to Dalite's Matte White, so the picture really had no surprises, good or bad. With a calibration DVD, I was able to get a pretty stunning picture (due mostly, no doubt, to the Panasonic).
There are some waves in the screen when it's fully extended, but they are pretty minor and not really noticeable when watching a film. It's nowhere near as flat as my tensioned screen, but then again, it's much better than my old DaLite manual pull down, which had some very obvious waves.
Overall, I was happily surprised with the screen, given the sub $300 price. It had some manufacturing flaws, but none visible after the screen was hung. Why they didn't provide a longer cable for the control box is beyond me, and is probably one of the biggest flaws. The screen material itself was fine, and the motor is silent (but slow). While not as flat as a tensioned screen, it has no major waves. The screen has big drop (I think 18"), which gives you lots of flexibility when mounting.
Hope this helps!