Alright, after messing around with my projector for a while and watching about 4 hours of 2D only material, i can weigh in on my thoughts compared to my VW95ES.
First off, this sucker is much MUCH thicker. I was thinking that a guy could swap it with an older sony unit and not be "caught" by his significant other... fat chance.
FWIW i have a 133" Dalite Hi Power 2.4 screen, and my projector is about 6.25 feet above my seated head. The picture that this thing throws is much MUCH brighter than my vw95. In low lamp mode, i'm pretty sure its nearly twice as bright as my old VW95 in high lamp! it is pretty eye opening. Fed a blu ray signal from a BDP S-790, the picture is VERY sharp, but oddly enough, very smooth too. My VW95 could look rough if i had the sharpening or Darbee too high, but it would look sharp still. But noisy. This projector, i set the sharpness to 20 and the reality creation to 50 (!) for detail enhancement and 0 for noise reduction. The picture is almost unbelievably sharp, but stays nice and smooth, no noise.
Motionflow modes are different, and i find i like TRUE CINEMA or COMBINATION. Both are very smooth with NO flicker. My VW95ES had flicker with the cinema black pro and a 24 fps source, but there is no annoying flicker here at all.
As for black level, well, i'm still messing with the settings, but using the FULL RANGE as the iris setting makes the projector look much better than my VW95 contrast wise. I don't know why, i'd say the blacks are slightly better than the VW95, but at the same time, the brightness is probably double or more. So the image appears much more dynamic.
I have a 4K capable pc, and pics from my DSLR look crazy good. Resolution is crazy when you feed it a proper 4K source. Also, i downloaded the 4K trailer for Elysium, and although it looks good, extremely good, i don't know if it really looked all that much better than the upscaled 4K i had been watching earlier. The upscaling is so good and the picture so sharp, it honestly looks, compared to that trailer, 9-% as good i'd say, depending on content of course.
One of the most striking things was during Star Wars episode IV, during the first Vader scene, i noticed i could see everyones makeup, but specifically, i could see all the texture and paint brush marks on Vaders mask. I had a friend there with me too, and he noted that he hadn't ever seen that movie look that good.
Just a heads up, the Canadian VW500 doesn't come with any 3D glasses included. You can get them at best buy or amazon for about 50 bucks.