I was in a shop in Bolton yesterday and the salesman was demonstrating the Panasonic projector to a customer. I wasn't there to buy a Proj so didn't take much notice till I overheard the price at around £1200ish. WOW

Pretty damn big and nice quality image for the price. Never even considered this before because I thought I couldn't afford one but hey you are on this planet only once so what the heck.
My questions..
1. The unit would be some 4mtrs from the screen in my room. Would this be OK and would I be able to shrink the image because 60" would be fine.
2. Are these things suitable for general TV viewing?
3. Bearing in mind No.2, would it be feasable to take a 5yr warranty to cover the cost of the bulbs?
4. Thanks for any help