Epson gave the 8350 the newer LCD panels. These are the panels that originally went into the UB series. This is the first time Epson has put them in the entry level 1080p projector in their lineup. These panels are dark in their native state, whereas older panels are almost clear until voltage is applied, and then get dark, with these, they are dark until "opened".
There is more going on, however in the more expensive UB projectors, especially as related to black level performance. As such, this Epson has improved black level performance, in part thanks to these panels, but still can't touch the almost double the price 8700UB.