Pros: Color and sharpness
Cons: Motion detail in 3D
There are about 5 different picture settings, which can be fully customized.The colors out-of-box is okay in cinema-mode, however dynamic and standard settings are way off. The good thing about this projector is the picture settings which gives some really nice and detailed settings for calibration. The six base colors, can each be calibrated individually in three different settings. This is way too advanced to set without calibration tools, but search around the web to find some calibrations and plot them in, and you will see a huge different. The picture settings can be quite advanced but the results are amazing. But further more, the W1070 has ISF calibration menu. I haven't tried it yet, but it should be worth the effort, if the have the calibration tools.
Regarding noise, the standard settings is a bit too loud for my opinion, but the Eco-mode gives a more subtle brightness which makes the picture, a bit more natural, and reduces noise to a really good acceptable level. Another thing about brightness on this W1070 and many other projectors in this price level, is set a bit too bright, to make it work in livingrooms etc., where you might have some ambient light. I mounted a ND4 brightness filter for my W1070 to reduces brightness further. Black level has become better and white level seems more natural. The Black level on this projector is what you can expect in a projector in this price range. It isn't perfect (at all), but definitely acceptable. However the shadow level detail is actually really good, despite of the black level which could have been a bit better.
The 3D works great, the sharpness in 3D movies is exceptionel. However, motion detail in some 3D movies during fast action scenes can become blurry. The 3D glasses fits pretty good, and battery life is good, but the glasses are really expensive!
i 2D mode, I saw some problems regarding motion detail, but after the calibration, and turning off the "picture noise reduction", the problem seems to disappear.
I haven't noticed any rainbow-effects on the W1070. The older BenQ W1000/W1100 seems to have a bit more rainbow-effect. In my opinion, this W1070 really is a lot of money for value. The standard settings are okay, but your self a favor, and get it properly calibrated, the picture becomes so much better. The remote is simple, maybe a bit cheap, but how often do you use the projector remote, ones it is calibrated. The Menu is typical BenQ, easy to navigate, not much to be confused about. The W1070 has a built in speaker which sounds awful, don't ever use, not even for emergency usage.
Do keep in mind the standard zoom ratio is different the most other projector on the market. It has to be placed quite close to the screen. It can do 100" in 2,6 meters!