Back when I worked on TVs for a living, a few JVC D-ILA projection TVs came across my bench that had LEDs for the lamp. The LED did sometimes burn out. Just something to think about.
With projection TVs, it's all about keeping the light engine cool. I used to work on these all the time. Some that had poor air flow (several Toshiba models comes to mind), would eat bulbs every few months. Some other brands/models, the bulbs last years. My boss had a Philips DLP that he watched every day for years on the same bulb.
A DLP with a fresh bulb, a clean lens and mirror, that has never been smoked around, will give a very good picture straight on. Because of the Fresnel material that the screen is made of, the further you get from dead-center the picture quality will diminish. I have found this to vary significantly by model. Some (when testing), I could set them on the ground and see the picture just fine. Some I had to squat down level with the screen to be able to see it very well.
My advice would be to check ebay for a bulb. Many of the vendors even offer warranties. If you get the bulb without the housing, be VERY careful when tightening the nut on the back of the bulb. Just snug will do. Any tighter and it will break off and you're screwed.
If it does need a color wheel, they aren't hard to change, just time consuming. You'll know real quick if you need a color wheel. One of 3 things will happen, the TV will turn repeatedly on and off (trying to get the proper RPM out of the color wheel and failing), the TV will come on but be black and white (RPM was attained but the colored glass has broken off the wheel), or the TV will work, but you will hear a growling the whole time (the bearings are failing).
All in all, DLP's are an easy to work on. They rarely have any problems other than bulbs, color wheels, or temperature sensors (mostly Sony).
While I am preaching my projection sermon, avoid Sony LCD projection TVs. Many of them have defective light engines. Look up "sony blue blob". Very expensive to fix back in the day, and probably impossible now. I would turn those away when people brought them in. Also avoid late 2000's WD-series Mitsubishi's. They have complex logic issues (look up "Mitsubishi blod" (blinking light of death).