Hi again,
I will see if I can take a look the the Samsung MX site later.
In general, the colour wheel w/ Bulb Samsung DLP are perfectly fine as long as it's the LATEST VERSION, of the one before. If you purchase new, I assume it is. This version got rid of most previous issues like Rainbow Effects (colour wheel spins faster), 1080p input (versus display mode), the Ypbpr / RGB black level issue and so on. In other words, you are fine. The LED has some advantages, sure thing, but it's not night and day.
As for being a 'waste' - you will find less and less 720p systems out there (also depending on what size you are looking for). Sure, if you have 720p in, and display 1080p, there will be some upconversion. But it's not bad - and you'd get that even with 720p TV programs - it happens fairly regularly. I'd still get the 1080 (compatible with more resources natively) than 720 which has an overall lesser pixel count.
Cheers,
dan