Both Epson and BenQ are generally known for particularly good color and picture quality "right out of the box." Not necessarily really close to being “on the money D65 color”, but well balanced - generally if a projector or OLED TV looks great on a variety of skin tones and shades in different lighting, then the color is at least well balanced, even if a little cool or warm.
I don't know which brand will be closest to "dead on the money" color, but both should look great. I'm basing that on Scott's previous work with the HT5550, and on the pre-calibration performance of the HC5050UB which I used for my projector review.
BTW if the timing works out, I will have both projectors set up in my theater at the same time, if only for a few days.
What do I expect? Good black level performance from the HT5550, but the Epson HC5050UB/PC6050UB should win that war. Still, the BenQ will probably have visibly better blacks than any other sub $5000 DLP projector.
Both claim the ability to do P3 color with HDR. Interestingly the BenQ doesn't use a "cinema" filter (something the less expensive, but impressive HT3550 uses to attempt P3 color), yet claims P3 abilities. We shall see - Eric will let us know how close it gets to P3.
Because BenQ tackles P3 without a cinema filter, and Epson tackles P3 by inserting a cinema filter in the path, that creates a dichotomy in terms of brightness. That's because the Epson essentially gives you a choice - do 4K content with HDR, with P3 color, at a lower brightness level, or be almost twice as bright without the filter, and doing 4K HDR with REC709 color.
Important Note: the differences between REC709 and P3 color are relatively subtle compared to the differences between HDR and no HDR.
What I am saying is that you'll end up with choices like this:
If you want P3 color, with your 4K UDR content, the BenQ will be a bit brighter. But if you need significantly more brightness still, the Epson can provide that by using REC709 color. I don't have measurements yet on the BenQ, but I've been hearing around 1400+ lumens calibrated (that would be P3 color - or as close as it gets).
The HC5050 by comparison, clocks in just over 1200 lumens calibrated (full power, wide angle on the zoom) with P3 color, but over 2100 lumens calibrated with REC709 color.