I've done the same, and it's a truly awesome experience - lots of folks use these projectors in this way.
One thing to be aware of - the bulbs can run several tens of percent of the cost of a new unit. Just an example: an average Infocus brand projector for say $1800 to $2000 uses bulbs that get 2000 hours of estimated life. They're high-intensity, not generic, and expensive. Replacement bulbs are around $400 apiece for these units. Once the projector is off the market (1.5-2 years at most, the market moves FAST!), the bulbs won't be available from competing mail-order houses, and the manufacturer will be your only source for them. Once this happens, I've seen prices go over $500 for the same bulbs you might have gotten for as low as $300 when there was open-market competition. Not scaring you away, just plan ahead and get a spare bulb or two when you pick one up, and keep them in a well-padded, bombproof box. You'll save money and get several years of guaranteed enjoyment. Given the bulb game, you might find it wise to pack at least one away up front.
Sounds like a lot of money, but you'll be challenged to find more bang for the buck, when you think about it.