If I may humbly interject here...
I have been flying EXCLUSIVELY with a projector for 6 or 7 years, and I've even been providing them for the various Cons I've attended, so I have a little experience on the subject.
Games like Aces High do no require ultra-fast refresh rates like First Person Shooters and other "twitch" games do. Think about how quickly things move across the screen in AH compared to your other games - in comparison, on-screen elements move at a snail's pace.
With things like Counter Strike Source, using the projector seems to introduce a teeny tiny bit of delay when things jump out at you. How often does this happen in AH? Never.
Projector Advice? Here you go:
1. You really need to get a projector that has a native resolution of 1024x768 or greater. DO NOT get one that is only 800x600 that claims to "interpolate" higher resolution graphics down, since you'll get "jaggies" on all your images, and no pinpoint precision for your aiming.
2. Brightness is measured in Lumens. If the unit has 1200 lumens or less, you'll really only be able to play in a dark-ish room -- that is, after sunset. If it has 1800 lumens or more, you can play in a bright room in the daytime.
3. Think about placement. Projectors normally need at least 10 feet of room to throw an image, and some need more space then that. Mine needs about 15, and is actually 20 feet away. This means you'll probably be sitting between the projector and your screen (or white wall). THIS in turn means your head will probably be casting a shadow on the wall (a bad thing) unless you take steps to correct it. Mounting the projector high on a shelf or upside down on a ceiling helps. Having a chair that reclines helps too. I have built a custom-cockpit (
http://www.warrenernst.com/photos/cockpit/cockpit001.jpg) that works perfectly for this, keeping my head low but supported.
4. Think about cabling. If the projector is 10 feet from your computer, you need at least 10 feet of high quality, low impedance, VGA (or DVI) extension cable. I actually have 60 feet (30 feet out, 30 feet back), and HIGH QUALITY cables make a world of difference at these lengths.
So, with all that said, is it worth it? OH MY GOD YES!!! When you use a projector and a good joystick setup, you start to look down on those VR Gaming Simulators you see in Las Vegas. It is totally immersive and involving. Add surround-sound Headphones and and TrackIR, and the resulting gaming experience is nothing less than stunning.
Don't listen to people who don't have 'em...
-Llama