This is my first projector and I put in a couple of weeks research before purchasing. I'm not disappointed.
Much smaller that I anticipated, perfect for moving to a friends house for gaming. Fan noise not noticeable when in use even when sitting close to the unit. The box comes with a host of good quality cables so you can connect up to your laptop/dvd/console straight away.
I must admit I did notice this effect when first using the projector and in some cases it was quite bad - to the point when I was reconsidering my purchase. this was worst when I was tired and using the screen in complete darkness.
However I have now "got used to the projector" and for whatever reason I don't see the rainbow effect any more. As posted below it does help if you don't move you eyes quickly across the whole screen but to be honest, give your head a few weeks to get used to the screen and you won't notice it at all.
I use this projector as my main screen in my home - 2-4 hours of use a day! I use it for watching HD films which look great on the 100inch screen!! I also watch slideshows of photos which also look crisp and colourful even with some light in the room. Mostly I use it for xbox360 gaming which is where it really excels. I can't fault the colours, the resolution, the refresh rate, the brightness or the deepness of the blacks. It really is an amazing bit of kit for under 450quid.