Conclusion
I don't normally like dynamic irises because I usually see their effect in pumping black levels, but the PT-AE2000U had no such problem—in fact, I preferred the picture with the dynamic iris engaged, which lowered the black level and raised the peak white level. Even so, the light level was a little lower than ideal, even on a 72-inch-wide screen. It worked well in a totally dark room, but any ambient light at all totally washes out the picture.

The Panasonic's colors are beautiful, and its shadow detail is better than many displays I've seen recently. In the detail department, the picture is very smooth, but it doesn't have quite the snap I'm used to seeing in a 1080p display. This is probably a matter of taste—you might prefer the smoothness to a smidgen more sharpness. However, the detail suffers considerably when things are in fast motion.

Still, the Panasonic PT-AE2000U produces a fine picture—better than its predecessor at almost half the price. I'd say that's a big step in the right direction.

Highs
Gorgeous colors
Smooth, film-like picture
Good blacks
Excellent shadow detail
Extensive controls
Great menu

Lows
Image lacks sharpness of other projectors
Moving objects lose lots of detail
Relatively low light output