This is an out-of-production SVGA DLP. It is not very bright, does not have very good contrast, and the video processing is not as good as later Infocus machines (the 400 series, the 340/350 all have much better processing).
projectorcentral.com gives the MSRP at 1,995. I believe this is an error in their database. Other than that, I believe that their information on this machine is correct.
You ask is it a true DLP? Yes.
Is it worth $1400? Well, I think that is a bit high I am sorry to say. You can get 400's and 425z's for a bit more than that. 340's are beginning to go used for about 2300. The 420 often goes for around 1200, and is better IMHO.
If it is in working order it will probably serve you well.