Simple -- If you only want a pretty unCinema size screen (83 in is NOT a cinema size screen), then OLED is going to give an image that is more intense than you are going to get with a projector, as most people here have noted. But brightness and color intensity are not the only elements that make up a true cinematic experience; IF that is what you are looking for, a large panel display is simply not going to give you that. And if you are relegated to the TV and the projector image being the same size, then hands down, go with the OLED.
Thing is, both SIZE and SOUND are key factors in creating what I assume we are looking for, i.e., that illusive cinematic experience -- the Home Theatre experience. If you are OK with an experience that shouts "non-cinema," and "No, we are still in the living room, not in a theatre," then all the short-comings of watching a movie on a TV will not matter.
And what are those short-comings of which you speak, you might ask. Well, of course size is a major factor....much more that most people realize. Much research has been done, particularly by Henry Kloss's team at Advent about the psychological effects of watching an imagine on a large screen as opposed to a TV set. They found that when watching a movie in a cinema with a screen that encompass a good 75% of one's field of vision, something profound happens in the brain in the way a person processes the visual information, because the eye needs to move around within the image just as we do in real life. The involuntary eye/brain movement engages the viewer in a more involved and connected way to the content -- a much stronger connection with what is happening on that large screen, than what happens when watching a much smaller image that does not encompass a large geography of the viewer's sight. With a smaller image, the eyes/brain take in the whole image at once. Taken to the extremes with processes like Cinerama and IMAX (the REAL, original IMAX on 70mm film), the audience actually can be made to feel phantom physical movement. When the image size drops below that threshold and a person is starring at a small image in the middle of their vision and surrounded by area that is not part of the image, there is no need for the eye to move around in that smaller image window -- there is almost no brain/eye interaction in that scenario and the psychological involvement is not nearly as intense; neither is the feeling of participation. The viewer remains a spectator looking AT the movie, rather than being drawn into it the way someone is when viewing a movie in a decent sized cinema.
Then there is the elephant in the room that hardly anyone ever talks seriously about when dealing with sound playback with a OLED (or any TV set) -- the all-important missing center channel. Until they can make an OLED display panel that can pass audio THRU it so the center channel speaker can be placed behind it, and that speaker array is identically matched to the Left and Right channel speaker arrays, the TV will ALWAYS have to rely on puny, UNMATCHED center channel speakers.
The Center channel in all movie multichannel mixes is as essential, maybe even more so, given that it carries most of the dialog and needs to be identical in all respects to the Left and Right channel speakers if you every expect to have a balanced sound stage. When you are forced to use an anemic sound bar," for your Center channel, you are starting off with 10 points against you. Imagine your astonishment and incredulity if a friend demonstrated their sound system to you and it had a high-end audiophile speaker for the Left channel, and for the Right channel, it had a Sound Bar. If that seems absurd, any cinema tech will tell you using anything but speaker system for the center channel, other that what you are using for the Left and Right is equally absurd.
So many audio/videophiles spend hefty amounts of money on a sound system, but they almost always think in terms of consumer audio, i.e., Left/Right stereo and rarely CINEMA audio which ALWAYS is Left, Center, Right. And not fa nuthn as we say here in Brooklyn, those three speaker systems are MATCHED in every movie theatre in the country. None of them ever uses some half-baked wannabe excuse for a Center channel but somehow Home Theatre gets a pass.
Next important point about speakers: in a cinema, you can't SEE any of the screen speaker arrays. And there is a very good reason for that; when speakers are visible, the brain tends to "think" the sound is coming from that speaker box because the viewer sees it quite obviously sitting there. When one has no visual cue as to the source of the audio, it is easier for the brain to lock the location of that sound to the position of the object representing it on the screen, which is why the movie industry spent a lot of R&D on how to make thick vinyl screen material able to pass sound thru it (you know how difficult and costly it is to punch thousands of tiny holes in a thick plastic sheet?). They wouldn't do that if it wasn't essential to preserve the illusion that the sound actually comes from the image on the screen and not from speaker boxes that are obviously creating the sound. And isn't that what Home Theatre is all about...creating that same illusion cinema illusion at home?
So to conclude, the ONLY way you can get the immersive, cinema experience (assuming that is what you want), is to 1) have a screen large enough to require your eyes to move around within the image and follow the action, as well as take in the entirety of the scene by jetting around within it and 2) having all three screen Channels' audio coming from BEHIND the screen and from three IDENTICALLY, matched speaker systems; so far with today's technology, that can only be done with a projected image -- btw, they are working on this, but so far, we are stuck with flat panel displays that won't pass sound.
Thus, the answer to the original query is: (insert the 20th Century Fox logo drum roll here) a projector and an acoustically transparent large enough screen to cause you to follow action and wander thru the image with your eyes, and behind which are three MATCHED speakers arrays -- that is what you need for a real cinematic experience; the OLED display panel will give you a superb image, if that is all that matters to you...but if you go with the OLED, you need to stop calling it a "Home Theatre." Until you have the elements noted above AND you watch your movie in a darkened room -- as close to darkness as is safe for movement in it -- AND you FORBID people from talking during the movie, it will forever remain just a TV in the living room or the den and not a real Home Cinema.
PS -- Black surround masking and a curtain wouldn't hurt either.