Yes, the 3 LCD panels are for three RGB colors.
And each LCD has a fixed resolution of 864x480.
864*480= 414720 pixels. (roughly 0.4 mega pixels)
864*480*3(three LCD panels)= 1244160 pixels. (roughly 1.2 mega pixles)
And for SONY 11HT,
1366*768= 1049088 pixels. (roughly 1.0 mega pixels)
1366*768*3(three LCD panels)= 3147264 pixels (roughly 3.1 mega pixels)
Basically, the 11HT has 2.5 times more pixels than the AE-100.
Hope this helps to clear out your maths.
P.S. Of course this does not mean the AE-100 is 2.5 times worse than the 11HT. AE-100 is the best selling projector in Japan at the moment.

Excellent value for money for sure!