Thanks andr0373 for your post and pictures, it does confirm everything that was said here about the 705-HD/EX-71.
To add more to this, I have received the projector yesterday (screen is still on its way, ETA probably today) so not to waste any time I went to my basement for a quick test drive.
I threw the picture against a light pinkish color wall (which will change soon BTW) from about 13 ft. The picture was a little red than it should be, however, not being "perfect", it was very good, and very big.
Here are my thoughts:
Build and quality - Very good, the unit is actually very light. The remote control isn't ideal for pitch black rooms but once you set up your settings properly, most likely you will not be changing them during a movie. If you really want, you can wait for bright shots, which will give you plenty of light to see, during which you can play with the remote control

The noise of the unit sounds like a small computer tower being in the room. Can you hear it during quiet movie scenes, yes, but again, this isn't a deal breaker. If any of you have a PS3-fat, this unit is just a bit louder. I think it has only 1, 60mm fan.
Auto iris - definitely noticeable, sounds like an old hard drive during operation, but it is okay to leave "on" when you have regular levels of sound in the room. For now, the only sound I had was coming from my laptop (75% loudness) and I could barely hear the iris at work. If you have a decent sound system, the sound will not be an issue. Further more, the auto iris does help with the black levels a bit, so mine is on all the time.
Black levels - "muddy water" is the best that I can describe them but that is only during dark, washed out scenes on SD picture (like a DVD). On a HD picture, they are a bit better and darker. On a vivid, busy picture (ex. video games), they are black as black gets. I have "tested" this in a pitch black room (only light source was the projector's lamp) so if you have a dim light on in, it will be fine.
I did match my black levels to the system's menu (it was a 90-95% match, brightness -8 or so), however, there is a significant lost to details when you do this and you have to have a vivid image on the screen. Again, to me, lost of details isn't an issue so I was quite happy with the results.
Color reproduction - again, this isn't as accurate as I would like to be (given my wall color) but the colors were great and if you don't have a reference display to compare it to, everything looks very natural. Definitely "dynamic" and "theater" modes are the best ones to use for gaming/tv or movies but you have to tweak those settings to your liking.
Closing comments - My wife said holy s*** when she saw a movie on the wall so I guess the projector is staying in the house

. For the $600 that I have paid (plus taxes) I think it is a fun toy to have, worth every penny. Another thing that appeals to me is the life of the lamp and its replacement costs. With this unit, you don't have to time yourself to go easy on the bulb. Just use the projector to the max and if the bulb goes, it is only $200 or so to replace. For me this is a big bonus to have an inexpensive projector that produces a very nice (and very large) picture with inexpensive replacement parts.
Yes, the black levels are a downer but they are also crappy on a LCD TV in a dark room. It seems like DLP and LCD in the projector world are similar to Plasma and LCD in the TV world. Plasma is way better in dark scenes and in dark rooms but not as bright in rooms with windows. Again, it is a trade of that you have to make.
This unit is definitely staying. I can only assume that the picture color will become almost "perfect" with a proper projection screen. Also, I will have to tweak the picture more to get the results that I want (I have only spent an hour last night). Also, I will get an ND filter to see if it does anything to the black levels.
Overall, you can't get a plasma or LCD TV with a screen size of 100" or more for $600. Yes, this projector isn't perfect, but the price is!

I will try to post some pictures once I have the screen.
PS: are there more options to adjust the picture (hue, saturation, etc.) because I have, brightness, sharpness, contrast and that's it... I think (maybe they are hidden somewhere or I didn't notice them). Could the 705HD have a bit different menu from the EX-71?