The LED is an amazing TV especially if you pay a little extra for someone to come out and calibrate it! My buddy has the Samsung LED 55" and I can honestly say it is probably the best picture I have ever seen from any TV, even the non HD channels look HD....
I also like the projector for the size you can go, the down side is it's got to be a pretty dark room...
You will spend around $3000 for a nice sized LED TV and can probably get an HD projector for about half that!