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If you are debating which model Panasonic, or more accurately, the price difference between 720p and 1080p and which is more cost effective, you are asking a great question!
Obviously you have the initial product price difference but you also have long term costs like lamps. You have to weigh these cost differences against what image quality you are going to get in return. I have been contemplating the same questions myself as I entertain the idea of moving the AE700u to the master bedroom and upgrade to one or the other of the new Panny models.
I am going to stay out of the HD format wars so 1080p looses some attractiveness right away for me. I still have HD programming via satellite but is getting 1080p support worth the cost difference in image quality. I would have to say that for me, SD DVD performance is pretty important as I still find a well tranfered DVD will keep up with DBS HD just about any day of the week, whether in 720p or 1080i. But, the added performance in SD DVD provided by the 1080p machine along with better contrast and black levels make for a very strong arguement, as well. I can buy several lamps and a 720p machine for the cost of 1080p now!
Lamp life should not be underestimated, as you pointed out. I am happy if I get a years service (about 1000 hours +) or more from a lamp. The new projector would add $100 dollars a year, as well.
The real downside is that demoing either before making a final decision is impossible. None of the retailers I know carry them, much less have them set up.
So back to the original question. I think I can wait for 1080p. Costs will only drop further from here and the thought of even higher lamp costs for the house rising really makes me cringe. I am very satisfied with my present projectors price/performance ratio and do not think I would be disappointed at all with another 720p projector at this time. I think my money would be better spent upgrading to a Denon 2930ci if I really wanted spectacular DVD performace using a 720p projector negating what advantage may have been gained with the 1080p model.
Tough call and I wish you luck, either way you go!!!
Happy Holidays!