Sometimes projecting is good!
Front and Rear projection TVs are by far the largest of all television sets. Front projection TVs are only limited by the brightness of the projector as well as the darkness of the room. While Rear projection sets are limited mainly by practicality, given the need of a cabinet. At this point the largest rear projection sets are up to 70".
You may have issues
The most important aspect of a television is the ability to actually see the picture clearly. This was an issue in earlier generations of projection televisions, which still gives many feelings of unease. Both front and rear projection TVs had a reputation for weak pictures that were easily washed out by ambient light. Projection TVs have come a long way and no longer require a dark environment to produce superior results.
Microdisplays with maximum results
Microdisplays come in a number of different technologies that use slightly different methods to do what is basically the same thing. They use a movie projector type lamp and shine it through a chip that produces the image that eventually winds up on the wall, front projection TV, or on the screen at the front of an enclosure, rear projection TV. The different technologies are called DLP, LCoS and LCD.
DLP (Digital Light Processing): uses a very small color wheels that make images in each of the three primary colors of light (red, green and blue.) The viewer's eye then forms a full color image out of these three projected colors. A small number of people have reported seeing a rainbow like effect.
LCD (Liquid Crystal Display): The image is formed on this type of display by sending an electrical current through two transparent panels. The current then affects a liquid crystal solution sandwiched between the two panels. The liquid crystal acts like thousands of shutters that open and close to form the image.
LCoS (Liquid Crystal on Silicon): This type of display is a variation on LCD, which replaces one of the transparent panels with a highly reflective panel. The two are then mounted on a silicon chip. Manufacturers use different names for their LCoS-based technologies. JVC projection TV uses D-ILA or HD-ILA, while a Sony projection TV uses SXRD.
Front Projection TVs use LCoS or LCD chips to produce an image that can be projected on to any surface you wish. Keep in mind though that not all surfaces are created equal. You can buy special screens that can enhance the image quite a bit. In other words don't just hang up a sheet.
More information on projection TV