FAVI RioHD-LED-2

Pros: Cheapest projector in it's kind,
1300 Lumen is good enough for dawn/evening or night viewing
projects ~ 100" screen at 120" distance(2,5 meter dia at 3 to 3,5 meters distance).
Accepts 720p HDMI, Coax, digital video, Composite, and vga monitor in
Loud

Cons: Does not have optical zoom!
Noisy fan!
Input resolution is 640x480. Text (websites) become difficult to read at 800x600.
Speaker setup is front/back, instead of left-right. As a result you'll hear mono sound.
No reason to connect this at 1024x768 res

Summary: This is the perfect first bedroom projector, or even one for your 14 years old kid! Great for watching movies or playing simple games when connected to a home theater.

The speakers are on the bottom, which is pretty bad when mounting it to a ceiling mount or making it stand on a table; because the speakers always are away from the user, the sound needs to project either off the roof, or off the table, and loses lots of clarity and volume!

Can connect to pc, media player, DVD player and VCR thanks to plenty of connection options!

@3 meters it projects a 2,5meter screen, about double/4x of most LCD TV's you buy in stores today. Perfect for when the sun has set, throughout midnight viewing. Not good in daylight (not bright enough)!
Barely viewable in a room where the sun shines through the windows!
But I can get upto a 4 meters diameter screen, in a pitch black environment.

Not good for pc work, or text typing, as the resolution is very low!

Other things on the market right now are the nano which has a 800x480 resolution, but only 13 lumen.
Your next step up from this will be a $500+ led light projector with 800x480 LCD projector, and one step up from that is Casio's laser slim line projectors for $1100. It's really upto you if you want to pay it, but at the moment of this writing, LED projectors are at their infancy, and this is the best thing available!
They addressed a specific crowd, and priced the projector accordingly.

I would want to see a $350 model in the future with 2000 Lumen and at least an 800x600 resolution, or a 1280x800 resolution!
2000 Lumen is needed for daytime/low light viewing.
Also they should have equipped the device with a curved bladed fan that blows air down to up instead of back to forward.
That way they could have equipped it with a larger sized fan, rotating slower, and making less noise!

Updated on Oct 12, 2011

My review was about the first model. This second model is upgraded, has 1080i capabilities, and 1500lumen (150ANSI lumen).
At the moment of this writing there are no-named brand projectors for sale on ebay for $360, 2000 Lumen, (200 Ansi), with integrated SD card reader.
I would prefer a projector like that over this one for the bedroom!