I run a projector at 120 inches. It looks good at 1080p, and the newer 4k ones probably look better (but there isn't much content). If you have a dedicated room, the picture quality should be fine as long as you get a decent projector. The downside is that if you are just running it in a living room setup, the quality will still be good, but those black levels won't look as good. A projector does give the best dollar per inch.
For a living room setup, it's probably Best Image vs. Size. What kind of image is good enough? What kind of size is good enough? Personally, if it is over 100, I rather go projector and make modifications to the living room. If it is 70 inches or less, a television.
For a dedicated room, a projector is the way to go.