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.
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):
Black Level and Shadow Detail Performance: HC5020 Projector - Bottom Line
Excellent and Excellent. Certainly blacks are as good as it gets until we get to some much more expensive projectors. While I'm less concerned about whether a projector has exceptional detail (this Epson) or just really good (such as the HW50ES), the Epson seems unmatched so far. Mike has calibrated all these projectors. Not one of them seems to be able to best the Epson at either blacks, or Shadow detail.
I do not believe any projector we've reviewed in the under $3500 price range can match the performance of blacks and dark shadow detail of the Home Cinema 5020 UB projector this year. (UB stands for "Ultra Black")
The bottom line: Overall picture quality is not going to sway you away from this projector. From the standpoint of picture quality, the Home Cinema 5020, the Epson pretty much as to be on everyone's short list. In the under $3500 price range, if you are not choosing this projector it's more likely to be something not related, such as the desire for motorized lens features, or that it's in a mostly white case instead of black.