I've been doing projectors since the mid 1990's after I saw one in the Smithsonian showing the asteroid scene from Empire and was wowed by the scale of the image. The quality (NTSC) wasn't so great but there were ways even then to improve it with line doublers and scalers plus using LaserDisc instead of VHS.
The cost of projection has come down and the quality has gone up over time and I'm now on my fourth projector. They've all been DLP and I typically run them at 100" or bigger. My current one (Optoma HD50) is full HD and 3D. The image (once calibrated) gives a cinema a real run for the money. Add a great surround system and you're rarely going to need to see a film at the cinema for the full effect. Big direct view screens are too full of features, too small unless you pay serious money (I have a 55" 4K set which was OK) and the smart TV features get in the way often, not to mention all the silly image processing that makes the picture worse. If you can spare the space for the screen (mine is ceiling mounted drop down) or have a large white wall available then you can have home cinema on the sort of budget that will only buy you a mid size direct view screen.