After watching the HD803 for a period of time, I appreciated its "film-like" qualities, and that it is a well balanced projector in terms of image quality. That said, it faces some really serious competition from the best of the 3LCD (Epson Home Cinema 1080 UB), and LCoS (Sony's SXRD VPL-VW40. Although I found the Epson image a little less film-like, I favored its significantly better black levels that really made a difference on dark scenes. The same was true for the Sony VW40, which is also more film-like than the Epson, and fits very neatly between the Optoma HD803 and Epson in terms of black level performance.
Because of the black level advantages of the Sony and Epson, the Optoma is going to compete more directly with entries like the Sanyo and Panasonic.