Overall Picture Quality, Performance 2D, 3D
With color performance being more about your calibration or settings, than differences between these two projectors.
No question about it. when considering 2D, the Epson has to be my choice. It offers a huge boost in "best" mode brightness, comparable color, and it easily wins when it comes to black level performance, and more subtly regarding shadow detail.
The extra black level performance, all by itself, gives the Epson more pop on darker scenes. If everything else is simply equal, that rates a real win for the Home Cinema 5010 when running in 2D.
Warranty and Cost of Operation
Two primary factors relate to Cost of Operation:
1. Projector warranty and reliability
The Epson has 2 years parts and labor with a 2 year, 2nd day replacement program, and no limit in hours of use on the projector. The replacement program sends you one, 2nd day, so your time without a projector if there's a warranty issue is a few days at most.
The Panasonic is running a promotion for a 2nd year parts and labor warranty when you register your purchase, But, Panasonic limits the standard warranty, and the combination of both, to a maximum of 2000 hours on the projector. If you are a heavy user, who uses the projector as a TV, then 20 hours a week, is nothing, and you'll run out of warranty long before the secon year is up. No replacement program for the PT-AE7000, so if there is a warranty problem, you'll be without your projector while you ship it to service, and wait for it to be repaired and returned, which can be A week, two weeks or longer, depending on how far away you are from service, and shipping times.
Warranty: Big Win for Epson
As to reliability, historically both have good reps, although Epson I would say has the better reputation for reliability.
Epson also is particularly well known for great support, especially since they seem to take their customer's word when they complain about a problem, and promptly ship out another projector.
2. Cost of lamp and lamp life
Lamp life this year is the same, but the Epson lamp seems to be $299 and the Panasonic is $399.
Winner: Epson - with the same rating for lamp life, the Epson's lower replacement cost gives it the advantage. Also, being brighter in 2D, will have some Epson folk watching in Eco mode (where it's as bright as the Panasonic at full), therefore getting more hours out of the lamp, as well.
Lamp Life and Cost: Small Win for Epson (If you go through a lamp, even every 2 years (40 hours a week), that's an extra $50 a year. Not much in the grand scheme of things.
Cost of Operation: Winner with slight advantage: Epson