To be honest with you, I was dead set on getting a projector this past oct-nov for my apartment. I wanted something HD, and eventually settled on a nice Samsung 4065F LCD that met my needs. I will surly be getting a projector for the first apartment/house that I plan to live in for an extended period of time. They definitely are a lot of fun for gaming... and you won't have to worry about burn in with any of the current tech. Size does matter, and projectors are where it's at. However, as a college student I definitely think that you should think long and hard about it. If you are just renting your place there on a year to year basis, you probably aren't going to want to 1) fix it up that much or 2) start mounting things on walls and such. There are also other associated costs to consider (bulbs, screen, longer cables/extensions/etc... as you may have to move all your other gear so that it can reach the PJ without a problem). This isn't a problem for perm installs in rooms that you design for it - but it can be a royal PITA in a college apartment, especially if you want the setup to look clean (and not be in a place that it's going to get drunk bashed lol.
To be honest, I'd go with a PJ if I could deal with a makeshift setup (but I couldn't). If you have good lighting control (I do), a good place to put it, a good place to sit, roomates who won't use up all your bulb life watching huge porn, if you can get away with mounting it... or deal with it sitting on a coffee table that probably has a mix of beer and semen on it... go for it 🙂