I've really been bitten by the whole projector thing since buying my first several weeks ago now.
It seemed to me that the Pearl is probably the best value in projection at the minute. Having said that £3k is an aweful lot of money and so I decided I'd get a demo with someone who offers credit terms.
After a brief search I found Stone Audio who are fairly close to me. I arranged a demo and they even let me bring in my PC to use as the source

Brilliantly accomodating and I would recommend their service without hesitation.
However I was less impressed with the picture from the Pearl. I played back a fair few of the 1080i and 720p movies I have stored on the PC and noticed many problems compared to my Yamaha DPX1100. The colours looked unnatural and I noticed on dark scenes that you got a rather exaggerated impression of facial tones. A good example would be Alien which I have 720p version of. This movie is pretty dark throughout and I really noticed the problem with this. Strangely it looked better with light scenes.
I can say that the black levels are extremely good, there's a really nice feeling of depth thanks to this. BUT it all seems for naught because you've got that rather poor colour representation. I just couldn't sit down and enjoy the movie for what it was, instead I was thinking "that looks odd", "way too much blue", "where's the remote to try and fix that". Also whilst the black level on the pearl is great I got the sense that it didn't feel quite so good on scenes with a mix of light and dark.
I didn't feel the optics were particularly high quality. I just couldn't get a good focus on the PC desktop and it always tended to look a fraction out of focus. The unit I saw also had about 1 pixel of misalignment on the one of the panels - I think it was the blue one, not sure though and eitherway it was slightly annoying coming from a single chip DLP.
The projector I looked at wasn't calibrated BTW and was on the default settings. I spent a lot of my time during the demo playing around with the colour settings trying to get something that resembled the really natural and film like look that I get from my Yamaha DPX1100.
On the plus side, I was shocked at just how quiet it was, infact I couldn't hear it from around 5ft away. It also looks beautiful IMO and the build was reassuring. Like I mentioned above, this projector has the best black I've seen yet. I've got a few 1080p clips which I played back and my jaw was on the floor with the detail but for me there's far more to the story than just resolution. Colour and greyscale accuracy as well as colour saturation make for the most pleasing image and I have a superior setup in this regard already. I can really just sit back with DPX1100 but the Pearl would have me reaching for remote to try and fix the problems halfway through a movie.
Overall I left with a mix of good and bad, perhaps more bad than good actually. I've decided I'll hold off until the 1080p DLP's come down to around £3k and then take another look and compare to the LCD/SXRD's that are around at that time also. The Pearl is an excellent step in the right direction and I don't think anyone can take away from its fairly good performance and 1080p capabilities for a reasonable price.