Out of the Box - the Epson's THX mode assures you of really impressive, well balanced color, to start with. Gamma is accurate, and very adjustable, including custom settings, should you have the desire.
Color, however, is the key, and THX looks great, if the slightest bit cool. Mike found it easy to adjust, and calibrate properly (better than the older 5010), and the result was very close to dead on color.
OK, color looks great, but that's just the beginning. There's still no projector near the price that can best this Epson in terms of black level performance, even if the Sony can be considered it's equal. Shadow detail was equally excellent. The combination of the two are unmatched so far, with only a JVC to review under $5000 that might compete. If you want better blacks, you'll probably have to start with Sony's much more expensive VW95ES - a $6000 projector - yes, over twice the price, and a higher cost of operation.