Depends on what brand it is. You can pay anything between 300 quid and five grand for a projector and you usually get what you pay for. They seem to come in two flavours: DLP and LCD, both have advantages and drawbacks. The most expensive bit is the bulb, they last a long time but can cost 200 quid to replace. You may also need a screen and definitely a big to biggish room.
I have a budget DLP Infocus. You do need darkness for good results and it's a bit fiddly to set up but it's quite impressive when I do use it and I never regret the trouble. You need to compare it with the cost of a really BIG plasma and decide if it's worth it. Speaking personally, there's something about the "depth" of a projected image on a screen that a tv cant match.

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