Epson Home Cinema 8350 Projector - The Bottom Line
For $1299 (and eventually less), this projector is going to be difficult to beat. It's got competition, but it also has a lot going for it. As a family room projector, it's outstanding for sports and TV. Kill the lights (as many as you can) and it will do a very respectable job on movies. Black level performance is very good for the price point, making for really good movie viewing, even if more expensive projectors will look better on those really dark scenes. On the average and bright images, however, the Epson really does look extremely impressive.
The Home Cinema 8350 is several hundred dollars more than the least expensive 1080p DLP projectors, though I do believe it is still less than any other 3LCD home theater projector on the market, (though a couple are close in price.)
Let's just say, that if the budget is tight, you can spend less elsewhere, but it looks like by doing so, you'll also have to settle for less performance. You can spend a whole bunch more, and do better, as well.
At the Epson Home Cinema 8350's price point though, it has one obvious, but different competitor, the Mitsubihsi HC4000, a DLP projector that is also bright. BenQ, Vivitek, and Optoma offer lower cost DLP projectors, although I don't see any of them as serious competition, in overall image quality and performance. Sanyo's PLV-Z700 is a competitor, although now, entering its third year. That Sanyo will likely need a lower price to compete with the Epson, as it won't match the brightness or the black level performance.
Now, if you have a bigger budget of around $2000, the plot thickens. Basically now you can choose from a number of projectors that are not brighter, but can produce a superior image (and some not so superior too). Consider the Sanyo PLV-Z4000, the Panasonic PT-AE4000, BenQ W6000, Vivitek H5080, and Epson Home Cinema 8700UB as key competitors. And for a few hundred more still, there's the LCoS LG CF181D, the Sony, and others. But, back to our under $1500, or rather under $1300 reality - the Epson Home Cinema 8350.
The zoom lens, with its much greater than usual flexibility - in both zoom range, and lens shift - will open up the mounting choices for many.
Placement flexibility and a great warranty, just add to the value proposition, as does that 4000 hour (either mode) lamp. The remote is good, has very good range, and the menus - well, I've always liked the Epson style layout, and they've barely changed it in the last decade other than to add features. You won't find an overall superior projector to the Epson Home Cinema 8350 around its price. My take is that it's better than most, overall, but there is competition, most notably the Mitsubishi HC4000, but depending on your specific needs, there are others. The Epson may not proved to be the best under $1300 home theater projector for your exact situation, but, all considered, there is a good chance it is.