Black Level and Shadow Detail Performance
For six generations, Epson has been the black level champ among the mid-price level projectors.
Nothing has changed in that regard. Well, not quite. The Epson still has a distinct black level advantage over the likes of the BenQ W7000, Panasonic PT-AE8000, Sharp XV-Z30000 and other competitors. The closest - a virtual tie, would be the Sony HW50ES. The Epson wins in most viewing but usually by a very small amount. On a couple of scenes though the Sony matches, and perhaps beats the Epson. Those two projectors are close enough to say "doesn't matter".
With all the others, the Epson's advantage is enough to be a real advantage when you are purchasing!
PT-AE8000: The lower image is a bit less overexposed making it tough to spot any real improvement in the HC5020.
Sony VPL-HW50ES: A little more overexposed making it hard to compare.
Optoma HD8300: Very nice, offers slightly better blacks than the Panasonic, (and probably a touch shy of the Sony?)
Epson Home Cinema 5010: ($2699, being replaced) the black level champ in the price range. The Epson Home Cinema 5020 for its improvements still comes up visibly, but not dramatically short of the best at black levels such as the two high end JVC's (starting at $7999).
Optoma HD33: (lower cost, $1499 3D capable projector): Blacks are not as good as the Panny, the image is less overexposed.
JVC DLA-RS45: Comparable blacks or better, and with out using a dynamic iris. The HD250 is now discontinued.
Runco LS10d projector: ($27,000+):This one is included to make the point, that a lot more money doesn't mean any significant improvement in black levels. Think, instead that other things become more important.
Sharp XV-Z30000: (direct competitor)
Shadow Detail Performance
Look at the shrubs on the right, on the far side of the tracks. Compare detail in the trees also on the right.
When you do, you will see that the Epson's black levels are rather excellent, besting or matching that of most of the competition. This is an area where Epson has dramatically improved over the years. And they've done so while maintaining their black level advantage!
As alway, ignore color shifts, long time exposures (up to 30 seconds, create problems).