I like the image from the Qualia 004. It produces blacks that are quite good (not yet the equal of Sony's 9" CRT, but acceptable), and the color is fantastic. The projector itself is quite nice looking and compact compared to some of the 3 chip DLPs I've seen.
The big negative, to me, is the really high cost of replacing the Xenon bulb (I suppose this bulb is part of the reason the color is so good). I believe the projector now comes with an extra bulb, but still, a bulb that costs around $3,000 and lasts only a little longer than 1,000 hrs is hard to swallow. Not an every day use kind of machine.
I have been considering the Qualia 006 rear projection set that uses the same three chip LCoS light engine as the 004. It looked fantastic at shows using bluray sources. In the shop that I did a preliminary audition, it looked good with DVD sources, but I was just a bit troubled by motion artifacts (primarily jerky motion on pans). Still, it is the best RPTV I've ever auditioned.