Click to enlarge. SO close
I believe it is extremely important to calibrate the projector when you get it. This is not rocket science. For ease of use, I recommend the Avia disk. it is straightforward but will take you about an hour, mostly figuring out how the disk is organized, since it will also calibrate your sound system, etc. (A very good $50 investment.) I think the calibration is in order because of the slight shift to yellow I seem to find on fleshtones on many settings. (Sure, you can eyeball it, but unless you know your colors, you are likely to improve somethings while changing others that you didn't intend to.
The Panasonic AE700u is a great, affordable projector in the 1280x720 resolution class, and should certainly be near the top of your shopping list. As you look below, you will note there are some serious issues under "Con's" but they are mostly, easily correctable.