Here's a youtube video that I think gives a good idea of what a pico can and can't do:
http://www.youtube.com/watch?v=A9K3v2TU30U
Now I don't want to sound too negative on picos, especially not the AAXA P1 pico projector - I love it as it has onboard video player capabilities, is reasonbly bright (in darker settings) takes my SD card, and best of all it was only $200 and chance. Picos are very cool given the right environments - I recommend one for any gadget geek!