Hi
I too have an S700, think I bought it in the same time as you prbaxter, as mine was late being delivered as well, though I didnt get any freebie extra bulbs or anything, I think cos I complained at the time with a snotty email
Anyway, I have been using this projector for over a year now and am very happy with it. I paid £250 for it and yes im sure there are lots of better ones out there, but im sure the new bulbs cos just as much as my projector.
As for the HD feature, well using componant and vga connection on this projector allows you to select 1080i resolutions and I can confirm it plays thw wmvhd videos I downloaded perfectly fine. Now im no expert, and I wouldn't say its as clear as a proper HD tv but it is definately noticeably better than dvd.
I wouldn't recommend this projector for text presentations as it does seem a bit blurry on my wall, but that could be any combination of things, I project onto a wall as opposed to a proper screen (by the way, is it worth buying a screen?) I only us it in 1080i resolution, and it could be me not focusing it correctly, or the distance I am trying to project.
All in all, i'm pretty happy with the product, the only comparisons I have is with the projectors at work which cost 3x as much and arn't used for the same purpose as mine, but for games and video projection, i'm more than happy for £250!!
I'll try and post a pic when I find somewhere to host.