Hi. Welcome to the forums. I'll try to help you out as best as I can. I consider myself one of the extreme modders on this site, and I have built a LL 15" kit probably to its fullest capability, with not much room for improvement. Went from this bulb to that bulb, this screen to that screen, this reflector to that reflector, etc.
I even took off the a/g off the 15" LCD and bought a HIGH POWER Da-lite screen which almost triples your light output, which itself cost about $270 shipped(size dependent). I bought all new parts, the total came out to like $900 including the screen.
My LL projector was a 15" xga screen (450:1 contrast) with no antiglare, with the LL lighting kit, standard fresnels and triplet, Ikea reflector. Inside was painted black and all lighting was controlled, no leaks. My LL was only used in 16:9 mode, which was 1024x576 resolution.
I also have a commercial projector that I just bought this week. A Sanyo PLV-Z1. 3-LCD system with a true 16:9 ratio, 966x544 resolution. 700 lumens(620lm true tested) with 800:1 contrast(tested at higher than 900:1) with a bulb that will probably max last about 2000-3000hrs.
My comparisons:
Brightness: LL vs. Commercial - LL cannot come close to the brightness of a commercial. The LL suffers from uneven lighting and pretty low lumens maxing out at around 200lumens. Some programs don't need much lumens to view, but some programs do. So the LL projector is sometimes only good for certain things. Dark scenes in movies and games are really not that watchable unless you raise the gamma or brightness, but it will tend to washout the picture a bit. Preference is key here, and compromises will have to be made. The commercial unit can be TOO bright, I have to use lower power mode to keep it easy on the eyes.
WINNER : CommercialResolution: LL vs. Commercial - LL takes a small lead in this one. going from 1024x576 to 964x544 is not really that noticeable here, but there still is a difference. This is the best part about LL, you can change panels for better resolution.
WINNER : LLContrast/Color Saturation: LL vs. Commerical - Once again LL can't hold a candle to commercial. The LL just can't provide the color saturation a commercial unit can produce. Although you may be using a high contrast monitor, it loses some contrast through the projection, making colors seem faded.
WINNER: CommericalSharpness: LL vs. Commercial - No contest here. Commercial has much more sharpness and is much crisper. However, this can also be a bad thing. If you have low resolution and great sharpness, screen door is more noticeable. But if your resolutions are similar, the sharpness makes the projection look truer, less soft. LL suffers from uneven focus, can't really fix that, but for movies and games you don't notice it, but if your browsing with it and word processing, it gets annoying. Don't use LL for word processing

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WINNER : CommercialSize: LL vs. Commercial - Bleh, LL is HUGE!!! If you don't have room for LL, its really gonna get in the way of things, if you ceiling mount it like I did, it will suffice, but it won't look pretty. Personal preference is a huge factor in this one. Some can live with it, some can't. My mom made me take mine down

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WINNER : CommercialConvenience, Setup: LL vs. Commercial - The 1:1 focus of the LL really hinders the placement of the projection. Its hard to setup without getting in the way, or minimizing on keystoning. Creativity will help in this part. Commercial ones are easy to setup with their zoom lenses and lense shift options.
WINNER: CommericalBulb Life/Cost: LL vs. Commerical - Bleh, LL kills all competition hands down. Upto 20k hours on a single bulb that costs $50 replace. Replacement on the Sanyo is $300 for about 2000hrs.
WINNER: LL, SORE LOSER: CommericalQuality: LL vs. Commerical - Both are equal in this category. When you match each projector to its 1:1 pixel ratio, they both look awesome. Both can be manipulated by HTPC's to scale images and deinterlace using FFDSHOW and such, how much you can do is depending on how powerful your CPU is to take on this task. At least a P4 3.0 or A64 3000+ to double up resolutions on dvd sources.
WINNER: EqualIt just depends what you are gonna do with it. If you want to use it night and day, LL all the way if you can live with the compromises and shortcomings. A must though is to remove the antiglare from the LCD. The best overall setup for this is the LL lighting kit. The Ushio S400DD has the best color so far for DIY projection. You can have fun making this or hate it. I liked it when I was building it, but I was cursing myself when I cut a finger or stabbed myself with the aluminum flashing.
Get Commerical if you are viewing a movie once in a while. You won't probably be able to use it as much, but you will be awarded with better quality and much more light.
I was only using my LL for about 1 movie a week, so I decided to go commercial. The cost of a bulb life on a commercial was better than living with the compromises of a DIY projector when the projector isn't being used much. So I got a commercial and for the occasional movie, its working perfect.