OLPC LCD for ultimate DIY projector?!

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I don't know if you are familiar with the One Laptop Per Child initiative. Long story short a revolutionary cheap but very smart, simple, robust and functional laptop. It has an LCD to match: no colour filters, but a difraction grating guidelight which splits white light to a rainbow and directs RGB components to their dedicated pixels.

Needless to say this concept is superior from the efficiency standpoint, so I was wondering if someone can check usability in a projector. It even has a good resolution and a small size.
 
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