I have not used a lens, but I've finished up using the JVC X30 and am currently using the Sony VPL-95 on a 2.40 screen, so I can comment on how they work in practice.
- You lose around 30-35% of light going from 1.78 to 2.35. This might mean you will have to run on high power more often, and will go through bulbs faster, but you can buy a lot of bulbs for the price of a lens.
- Sometimes the memory isn't perfect. It can wind up a few pixels up or down of the target, or slightly off center. Zoom is usually perfect, and focus is good, but lens shift can be slightly imperfect.
- Memories take time to bring up, usually 20-30 seconds I can find. I have no idea how long a lens takes.
- With the memories, you learn to hate those IMAX hybrid films, like Tron Legacy or The Dark Knight due to the light overspill on the open frame scenes. The memories are too slow to switch back and forth.
- Finally, you really do want to treat your walls with something to absorb light above and below the frame to make sure the light spill will be hidden. All projectors put out some extra light, the key is to make sure you don't see it and ruin the effect.
I really like the lens memories, as it is a very affordable way to get started with a wider screen, and you can always add on a lens later. I imagine the issues I've found will improve with future revisions. I also would like at least 5 memories as then you can program in what I find to be the most common formats: 2.40, 2.35, 2.20 (70mm), 1.85, and 1.78. The little issues with lens shift I can adjust in under 5-10 seconds after bringing up a memory and don't bother me too much.