I’ve just bought my first projector and guess what, it’s the brand new Benq w700. After wading through loads of reviews and materials, I decided that this is precisely what I need. Luminescence is more than enough for home theatre purposes, great contrast and, as one’s can read in Balien’s link, 3x speed colour wheel.
After several test I can say that almost all of the abovementioned predictions matched reality. The colour intensity is stunning, brightness sometimes, in darkned room, is even too high, maybe I’ll try using eco mode (viewing on wall, dist. 2,3 - image has 195 width). Although rainbow effect is still there, I noticed it only once - in credits (black screen with some white elements). In addition it's pretty quiet.
IMHO the price of 502 Euro was worth to pay.