Personally I prefer the VT540 because its brighter. While the LT150 might have a better picture quality, its lumen rating is simply too low for my own application. If you have a dedicated HT room, or have the ability to control lighting, then the LT150 might make more sense, but I've found that any sort of light will significantly lower the LT150's picture quality.
I demoed both the VT540 and the LT150 at a local NEC dealer. The screen used appeared to be of a normal matte white variety, I'm not really sure. Anyway, I ended up with a Panasonic PT-711U, which is brighter, and IMO has a better picture quality than either of the above-mentioned. I'm currently using a normal matte white fixed screen and it works just fine. Brightness is sufficient even for my uncontrolled lighting application, and contrast/blacks, while can be improved, is acceptable to me. I didn't want to spend any extra on a gray screen.
I compared the two on two seperate occasions and I prefered the LT150. I purchased the LT150 mainly because I notice the screendoor effect more than I do the rainbows effect. Also the black level is really is a plus to me.
I compared the two by testing them overnight on different days a few days apart. I thought the VT540 was brighter, quieter, and had more saturated colors. The screendoor effect was more noticeable on the VT540, but one family member (out of three) turned out to be sensitive to the LT150 rainbow effect, to the point of distraction. Since I frequently have houseguests to watch movies, I decided the VT540 was the way to go - the whole evening is spoiled if one guest can't stand rainbows.
In truth, both are very good projectors with very similar features. There really are only two significant feature differences - the LT150 has a PC card reader (which is of little or no use in a home theater) and the VT540 has a zoom lens with about 20% range - it's very handy for tweeking to an exact screen size without moving the projector - a convenience I appreciate.
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