Update : After getting the official replacement bulb, the projector was still overheating, so I figured the cleaning job I did earlier was insufficient.
Sure enough, after taking 1/2 of it apart and using some Q-tips to get the dust and grime off all the fans and inputs / outputs, as well as the heat sink, the projector works! And I just returned the lamp to Amazon after using it for ten minutes. So no harm no foul.
That said, I managed to get some dust in the optical path but I just picked up some air blast cannisters so I should be able to clean it all up for a big movie weekend! We're watclking Sin City : Dame to Kill for, on Bluray 3D, with my new anamorphic lens too awww yeah! It should be bright, sharp, and pretty darn cool.
Another thing I noticed when taking it apart, was that it would be fairly straightforward to build a watercooled or even passive hushbox for it. Once you know the thermal limit of a 240W bulb, then the question is, since it's focused on the element, how much heat do it produce, and how many copper wires do you need. At this point, I'm hanging on to this projector until a 4K model comes out, then it's going on craigslist. Terrific little projector though.