It's late. I'll try to make this quick and to the point. Spent lots of time today with RS1 and HD-1. No one has metioned that an HD-1 is also being demoed in a room/theater, right across from the Pearl shoot-off room.
When I arrived at the RS1 room there was a pack of AVS members lurking

...including Tryg. The Fast and Furious HD-DVD was running via HDX-A1. I also brought King Kong, Superman Returns, Apollo 13, Get Gray...and a light meter. The JVC team was extremely technically knowledgable and cooperative. They also produced a better meter and measured as well. Disappointingly, King Kong would not play because the HDX-A1 must have not had up to date firmware.
Subjective observations: I would normally save this for last, but I feel I must lead off with something. After long study today, I am sure that with this projector they have made several significant technological improvements that cummulatively add up to quite a remarkable achievement. There are some stand-out characteristics, but it is their cummulative affect on the overall performance that impresses so. The obvious is the much ballyhood subject of perceived resolution. The 1080p res, contrast and color impress mightily. The resolution is just insanely sharp; at times seeming too revealing to the source. Learn to live with seeing imperfections in the source such as dirt hits, film grain and skin texture. We saw it all in abundance today. But it was glorious.
Screen: ST-130, 96" wide, 16:9. No 2.35 CH for any of the demos. Calibration and settings were "out of the box."
On/off constrast/blacks are near dead black and neutral in color. Pluge excellent. Letterbox areas in dark scenes invisible. This is stunning and unbelievable when first seen. We had to get up and see that we could still make a shadow. Superman Returns is a different movie on this projector due to this.
Ansi contrast gave an initial impression of being not so good in the RS1 room, but we quickly saw this was due to the brutally white ceiling just a couple of feet away...and the rest of the white room. Still, it had loads of CR; probably on the order of 300:1 or better. The solo HD-1 demo was in a good, dark room and its ansi contrast was superb, as would the RS1 had it been in that room.
Full field white on low lamp measured 14 foot candles, but I agree that this seemed low for what we were seeing. With the screen gain factored in, I think we were pushing the upper teens in foot lamberts. At the Pearl shoot-off, I was quite surprised that that HD-1 was at LOW ("Standard") lamp setting on a 120" wide ST-130 screen. I was not able to measure, but it still looked quite good, although not quite as good as the solo demo.
Color gammut was very pleasing, robust, and accurate-looking.
Grayscale on gray steps/ramps looked very good!
White field uniformity superb.
Full white field was pure. I was never sure I saw any impurities.
Panel convergence was perfect...quite amazing.
Big lens front element makes the large lens shift possible.
Very quiet fan!
Technically, it appears the two projectors are the same, although they indicated that the RS1 will enjoy some extra tweaks and goodies the they were not ready to announce. RS1 has the better warranty. HD-1 to be sold by BB, CC, etc. They will try to keep HD-1 off the internet. With the RS1 they will be aggressive in preventing internet sales. I was told this pre-production model was at 99% of production model performance, but the implication was that the extra 1% would be worth it. Production elements and components are in place at the factory awaiting the final go-ahead to begin production.
There will probably be a custom installer dealer demo program cranking up soon.
Stunningly great attitude by all the JVC personnel. Kudos to all.
Tired of typing.

P.S.-Strangest thing seen at JVC was a 2.35 RPTV prototype.