I just ordered an NEC 240K. I thought about the HS10 (or waiting for the HS20); 16:9 was really attractive to me since I will use it mostly for DVD's, but 3 factors swayed me toward the 240K:
1. Screen door. Now, I haven't seen the HS10, but I need as little screen door as possible. The projector will be table mounted in the living room; even with a 67" wide screen, the couches are barely 1.5 screen widths away from the screen, with me and some of the kids sitting on the floor even closer.
2. Contrast and shadow detail. These are important to my wife. We borrowed a Davis clone (untweaked) from a friend; not enough shadow detail. I borrowed an older Infocus; better contrast/blacks/shadow detail, but still not enough. (BTW, no one in my family saw any rainbows with either projector.)
3. Quiet operation. The Davis clone was really loud, almost turned my wife completely off from projectors (that, and the color banding from Macrovision). The Infocus was much better, almost acceptable.
Bottom line, the time was right, so I decided to just go for the 240K. I usually keep thinks for a long time (1986 Sony TV, 1988 daily driver, 1989 wife
); I decided that the 240K will hold me for at least 3-4 years. YMMV