First of all, thanks for all your suggestions..
I took Moulin Rouge, Lion King, Fifth Element (My all time favourite), Lord of the Rings and Troy.
1. I found that I was not susceptable to the rainbow effect - good
2. I felt the DLP based 4805 gave a more enjoyable (fuller colours) picture in Lord of the Rings.
3. The brightness of the LCD meant that, in my opinion, it produced a nicer, cleaner image on the more brightly coloured films.
4. There was quite a bit of noise on the DLP image.
5. I could hardly see any LCD structure on the image from the Pany.
6. Enjoyed myself.
7. Not sure which way to go, but leaning towards the Pany.
Has anyone any views on how the Pany 700 compares to the 500? Also, I have seen the Yamaha LPX500 for £1500 - any good?