You're probably referring to the CEDIA show in September and yes, there will be loads of announcements around new A/V product.
I haven't heard of any revolutionary new tech in the projector world to get itchy about so your best strategy may be to wait until the new products start hitting the street and then take advantage of clearouts on the just-replaced models. Pay special attention to the JVC projectors. You need a good screen. That means high quality, heavy backing and evenly applied coating to avoid hot-spotting. Hot-spotting is varying brightness around the screen resulting from the reflective coatings being applied carelessly. Needing a good screen doesn't mean having to spend huge money (Stewart Filmscreen) As good as these products are, and they are excellent, they don't fit your budget. Your room size will mean a screen size of between 92" - 120"; I think 106" would be about right in your space. You can find good fixed screens of that size for less than $500.
I wish I had the space for a dedicated theatre room. Honest, I don't hate you.