Mitsubishi is known for the best warranties in the business. In this case, you get a three year parts and labor warranty, AND, an overnight replacement program for the first two of those years. How does that work? Let's say your Mitsubishi projector drops dead in month 21. Call them up, give them a credit card number to guaranty the return of your broken projector, and they will overnight you a replacement projector! You are back up and running the next business day!
Most replacement programs in the industry are 1 year, not 2, and most warranties are 2 years, not three. And that's what makes their warranties so great!