I took delivery of my projector yesterday. Here are my initial impressions and comparisons. The projector is replacing a 6 year old Sony 4K LCD Passive 3D TV, which was around $5K retail when new. The room has a lot of ambient light during the day, but no direct sunlight on the screen, and light grey walls.
As expected, during the day the image is very washed out. Bright or colorful scenes look fine, but there is no black to speak of. Black levels during the day were much better on the TV. OTOH, the reflective surface of the TV was essentially a mirror during the day, so it's an improvement to not be watching myself as much as the TV. This one is a draw for me. At night with some lights still on, black levels are better than the TV. The Sony TV being LCD with local dimming never had great blacks to start. It also had some hot-spotting and a pronounced halo effect on scenes with high contrast. Black levels on the projector are simliar or better, with none of the problems.
I can't comment on the noise level. I can hear it, but right now the A/C is louder. As others have mentioned, there is a very loud click when switching to HDR material, but I've noticed no other strange sounds.
Speaking of HDR, I have also frequently had the half&half issue when playing HDR material. Changing inputs, toggling HDR, or restarting the projector will fix it, although I found one video on youtube that triggers it 100% of the time. This seems like a firware issue, so I'm hopeful it will be fixed soon. Since I just received mine, I'm guessing I've got a projector from the second batch, so I expect almost everyone will have this problem.
Dynamic Iris is not good. The frequent, but slow, change in brightness is annoying and I don't see much improvement in black level either. IMHO, this feature is not ready for prime-time. Thankfully it's easy to turn off.
I thought I was having the issue that someone else mentioned about the projector not remembering orientation, but then I realized it was saving the setting per-input, so switching to the the other HDMI input would cause the setting to revert back to default. The problem went away after setting orientation on both inputs.
I'm sensitive to RBE. It's considerably better in that regard to my last 1x DLP projector, but I still see it occsionally. It's not enough to bother me, though. As for 3D, I'm still waiting for glasses to arrive, so no comments there.
Overall picture quality is fantastic. It blows away the old TV on HDR material. So overall it's better or at least not worse than the TV in every aspect except noise level.