I think it'd be useful during my downtimes at Uni. Could take it to the student lounge with my MSI Dominator Pro G. Nothing like an afternoon with good friends, reasonably comfy seats, good food, and a great gaming experience. Could also be useful for quick presentations. Main problem for me would be taking it places, my bag at the moment is only big enough to carry a few books and a netbook, but I can easily buy a new bag, I see Asus has a new ranger backpack that's about to be released.
Not a massive fan of the exposed mirror and lamp assembly, could get scratched and/or damaged easier then a convention projector.
I could place it pointing up to project on the ceiling for some bed gaming.