I've had a projector for years.......putting it simply, there is no better way to watch a movie as it will completely draw you into the film (providing it is a good film).
My current projector is 7 years old and not even full HD but its still good enough to enjoy movies on!
The basics are the most important, dark room, dark wall where the screen is at least, and remember that the screen is also important so don't scrimp on it!