Buy large screen LCD or Plasma HDTV, though rear projection tvs are cheaper and larger, I found that their picture quality is not as good.  Make sure it is capable of producing 1080p resolution.  And also, be sure to get HD programming from your cable or satellite tv provider.

You will not want to go back to regular tv, once you get the taste of HDTV.

As the other poster wrote, projectors are wonderful for watching DVD movies, but not television programming.