Whether you are running in Natural or Cinema mode, there's a reasonably well balanced picture in terms of color and saturation, that most would find to be more than satisfactory. With a little tuning (try our settings), color accuracy gets really good.
With the dynamic iris on, the Pro Cinema as previously noted, does really well in terms of black levels, ready to slug it out with DLP and LCoS projectors costing more. For a $2500 projector (and you get lots of accessories with it for the price), it"s a great picture. The more expensive PC6030 UB, and HC5030 UB, can beat this projector, by virtue of more features and a slight edge in black levels, but the Pro Cinema 4030 should hold its own in overall picture with any of the competitors. I'm not factoring in aspects such as the "look and feel". Some folks just find the DLP look and feel to be better. And LCoS has a significantly finer pixel structure, which isn't visible at normal seating, but does provide a touch more of "film-like". If LCD has it's own "thing" it's a bit more "pop".
On the other hand, the Pro Cinema packs a good punch in its brighter modes. We measured about 1500 usable lumens (wide angle on the zoom) after Mike tweaked Dynamic mode to tame the greens a little. It's a picture that just rocks for my sports viewing. The Pro Cinema 4030 can tackle a fair amount of ambient light - my 7 rear ceiling down facing lights on, and window shutters half open on a sunny day. True, my room surfaces are pretty dark, but the point is, in a dedicated home theater, or in more of a living room environment. Just pair this Epson with the right screen, in those less than perfect rooms.
3D Viewing with most projectors is a challenge due to brightness. With 3D effectively losing about 60-70% of 2D brightness, I found 3D Dynamic suitable for virtually all my viewing. Pushing out to 120" was borderline dim. At 100" diagonal I found the viewing perfectly acceptable if still a little less bright than watching a calibrated image in 2D with this Epson projector!