It's a decent 1st gen LCD chip projector that is at the end of life technologically that's why it's so cheap. It's only using an 854x480 chipset which means it does not support HD which is 1280x720 progressive scan. It says it does b/c it's using image processing to downgrade the HD signal from 720P to 480P. Honestly I wouldn't bother purchasing any FP with less than a 1280x720P chipset at this point, you can get a 720P projector for a bit more money and you'll notice the difference especially on a FP projector with a large screen. Go here for good basic info on projectors:
http://www.projectorcentral.com/home-theater-multimedia-projectors.htmavsforum.com is a great site as well but that's more hardcore than you're probably interested in, guys there REALLY dealve into the specs and the capabilities of projectors beyond what most people are interested in reading and learning about. Most folks can't even understand the jargon.
You could probably pick up a Sanyo PLV-Z2 or Z3 pre-owned or possibly even new for close to the price you're looking at paying for the Hitachi.
i know its not HD but for the money i dont care. I will probably end up selling the screen and building my own to be larger than the 76" anyways and that will help knock down the cost as well. (well i guess i'll be buying material to build the new one, might end up even. Can't wait to play some video games on this sucker!