I have the Mitsubishi MC4900 projector. There is a lot of info on it over at the AVSfourm. But it was a better deal with the $500 rebate that they used to have (I paid $1300).
The difference between them are the black levels and brightness. My projector has gray bars when watching 2.35:1 movies. When watching normal TV (or movies with black velvet masking), the blacks look really black (when bright things are one the screen it fools your eyes.).
Is the $5k projector worth it...I don't think so personally. But, I haven't actually seen one, but it can't be that much better than mine since it is close to perfect.
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