Pros: Price, very quiet, very bright, very sharp
Cons: Placement flexibility, black levels, light leakage
Features- Put plainly this projector has all of the features that "I" need. I would appreciate lens shift but it isn't needed with proper placement. I'm not a big fan of 3D so I won't be reviewing that aspect of this projector. One of my biggest gripes with my old projector was poor support for my htpc's bios resolution, this is not a problem with the Acer.
Setup- Placement was quite easy for me as I just moved my ceiling mount forward a bit. Basic calibration with a Disney WOW disk shows movie mode and dark cinema are quite good. Skin tones look good and contrast/brightness/gamma are nearly perfect. If you like the oversaturated colors of LCD's you will like the color on this projector. This projector does have a rgbcmy CMS to allow the possibility to do a very professional calibration but I don't possess the knowledge or equipment to do a proper calibration of the CMS.
Performance- The brightness of this projector is great in a living room. Moving from 2000 lumens to 3000 makes a world of difference. Before I couldn't watch dark movies or play dark games on sunny days, even with every blind drawn in the house. Now I can leave every blind open and still have a very good experience(no windows directly face my screen). For the first time it's like I own a TV. The blacks on this projector are not inky but perfectly acceptable. This projector is very sharp and I have enjoyed re-watching detail rich movies on it. Shadow detail seems to be very good. Gaming performance is top-notch and I have not noticed any lag.
Cons- I want to touch on the negative aspects of this projector a little more. The placement flexibility is just bad, you have to put it where it is designed to go. Keystone should be ignored by anyone who cares about 1:1 pixel mapping. Light seems to leak out of every hole on the chassis of the projector. Some people will find this annoying. To get near reference color out of this you will need a colorimeter or spectrophotometer.
For the price I paid I consider this projector to be extraordinary. I expect I would have to pay 3-4 times as much for a noticeably better projector without a significant decrease in daytime use. For a living room environment this projector is great. In eco mode it is near silent(Edit: There is a slight hum which some might find annoying, I can't hear it unless I get quite close to the projector).