The idea with the Showtime is that it was designed as a full entertainment projector, but in a micro projector size. It has a native 720p HD resolution and is able to project an image of up to 160 inches across the diagonal. They've picked the best possible LEDs to increase color reproduction quality and, since they're super bright LEDs, they should do well under a variety of lighting conditions. It takes on HDMI or VGA for input and has a powerful ARM processor to natively handle MP4, MP3, AVI, JPG and text files. The LED engine has been rated for a 20,000 hour life.
It's certainly debatable whether you'd want to replace a regular LED HDTV with something like this, but the AAXA Showtime is showing that you don't need a giant projector to get a real 3D home theater experience. Of course, you can use this for presentations too, as well as movies and games.
You can find more information on the official product page or by reading the full press release below. The AAXA LED Showtime 3D has an MSRP of $555, but it's currently on sale for $499.