I just got mine this morning. It turns out there are NO white walls at my parent's house, but I couldn't wait till I got back to school to try it out. I started to watch Inception on this beige wall. It looks pretty good. I can see rainbows occasionally which, hopefully, I can get used to.
One thing that I find strange is the blue power LED that flashes when the projector is off: I can HEAR it flashing. It's fairly quiet but super high pitched buzz (like those ringtones adults can't hear). I'm 22 and so it's kind of annoying.
Edit: After having it a while, I forget about it and it doesn't bother me.
I'm a student and $1000 bucks is a serious chunk of change. I hope this thing lasts a while.