I've made the switch.
Always had a 65'' or 77'' TV with a projector.
When I moved house, I hated interior designing rooms around a TV. Always looked ugly, too modern and took away from traditional features in a room.
In the dedicated rooms, I did design with a TV, I felt they lacked impact and size (e.g. a 77 or 83'' OLED on a 4.5M wide wall looked tiny).
I've since made the (cheap move) to dual Epson 9300s. One in my living room, one in the cinema room. The living room has a Draper React 110'' ALR screen for daytime viewing and the home cinema room casts a 165'' 2:35:1 image or a 155'' 16:9 image.
For films and movies, its absolutely a gigantic upgrade in the dedicated room.
For general chilling and watching football communally, its again a gigantic upgrade.
The massive negative is the 'casual' watching, aka having a TV on whilst talking to people because the projection is so mesmerising and massive, it kind of begs to be watched. Its almost intrusive - when its down.
The gigantic advantage is when its off, its off. When the screen is up, people can see the fireplace, the architectural ingenuity I've tried to put in place.
In the home cinema room, when its off (its cast onto a wall - using special paint), its again unintrusive and the space feels open (well as open as a space can be when it has 2 subwoofers in it).
I'll still need a TV eventually but it'll be in the third lounge, off of the kitchen when I extend. For now, I see no reason to have a TV but I am a single guy. I think for communal family watching, it MIGHT be different; especially ease of use,