That projector can't display full (native) HD resolutions (at 1080i, for example), but it got a good review nonetheless. I'd try and go for an LCoS projector if possible, or something that can display a more resolution. The film mode (500 lumens form 1000) on that projector shouldn't concern you if you are going to have a controlled lighting room; I'm sure that it will have plenty of lumens (after proper calibration) in a properly darkened room and a good screen. However, if you plan on viewing movies or other programs in various lighting conditions, it may initially be a hassle to have to recalibrate the picture for each lighting condition, of course thats why there are three additional user presets on the image settings.
To me, video is a little more important [than sound right now]; ever since HD became mainstream, it's become hard for me to look at regular tv or even DVDs being displayed on regular TVs. I hate it when I go into stores to look at HDTVs, but the video source is bad, and makes many many visible artifacts.
Sound is important, I agree, however I won't enjoy a movie if it has stellar sound and the picutre is bad. I also agree with spending as much as your feel comfortable with on speakers.
The power rating on the recievers' amps isn't what makes them superior or better to the other brands. I think what makes a good amp is how faithfully the amp amplifies the source, and how cleanly it does so without distortion or clipping. Some of these hand made silver wired tube amps only put out about 50watts, but its some of the best 50watts out there (it should be for the price they are!). Granted, you shouldn't run an amp at its maximum capicity for prolonged periods of time.
Just my .02 cents.