RedSox07 - The blacks without a filter are basically dark gray (with or without light). With the filter they are, how can I put it, washed out black (???). Like a black shirt being washed a 1000 times
If you have an LCD TV, watch it at night with very dim light source and look at the black bars of a movie - get close to the TV. That is basically the black level that you will get with an ND4 filter - maybe tiny bit brighter than the TV's black bars. The back light from the TV's bulb will not be blocked 100% by the liquid crystals and some light will go through - "washed out black" effect. You will get a similar effect with the ND4 filter although it may not be as good as your TV.
If you are going to have ambient lighting in your studio I think this projector will be fine, especially with vivid images. However, black and white pictures or gray pictures, say a city shot in the fog or rain, may not look as sharp and vivid as you would expect. Sooooo, buy this projector and use it for a day or two. If it does not meet your expectations, return it and get something else.