I too had the same color wheel problem after 1368 hours and 7.5 months after I bought it. I called Mits, was told color wheels were backordered until April, 2008. Not a satisfactory answer so I decided to call Projector People where I bought the unit (based on a suggestion from a post by "Loony" on this forum, thank you Loony.)
Spoke with Sharisse in returns dept. She emailed me a form to fill out and then ask me to ship the unit to PP in Tampa. She told me that she would get me a refurbished unit from Mits and would send the refurbished unit to me as soon as my defective unit arrived at PP and they could verify the bad color wheel (she went ahead and called Mits immediately to get the refurbished unit sent to PP so it would be there when mine arrived, how many companies would do this?).
Well I UPS'ed it to her last Tuesday, 1/22 and they received it Thursday, 2 days later, 1/24. She emailed me the day it came in, Thursday, 1/24 to tell me it was definitely a bad color wheel and that my refurbished unit would go out today, Thursday, 1/24 and I would receive it Monday, 1/28. Sure enough I received my refurbished unit on Monday, 1/28, just 6 days after I mailed mine to PP, can't beat that for service and turnaround time and Sharisse was an absolute pleasure to work with and kept me abreast of everything going on daily.
I strongly recommend Projector People for anyone who is looking to buy a projector. By the way my unit had 1368 hours on it when I sent it to PP, the refurbished unit that Sharisse sent me had 69 hours on it. Happy to report that my refurbished unit is quiet "as a mouse" to quote Sharisse.
For those of you with this widespread problem and who it bought it from PP I would definitely give Sharisse a call. I hope this helps some of you get your problem taking care of quickly.
Golffnutt