It will cost you probably in the area of $700.00 to replace the Light Engine. I don't think it would be a good idea to repair it. DLP sets have been out of production a few years now due to high failure rates of the light engines for all makes and models and the consumer cost for the lamp.
Any idea how much more life I can get out of my set? are the new Mitsubishi models any more dependable?
Mitsubishi is dabbling in laser technology with there sets at this time and are way to expensive. Please dont be the new kid on the block. I repair these sets as my profession. I recommend the Samsung LED or the Sharp LED version. Not the older LCD. Make sure you get the 120hz version, not the 60hz. You could get the 240hz but not worth the extra money. You wont see the difference in fast action movies. Just stay away from the 60hz versions. These are the first generation LCD's even though they will be cheap. Dont do it !!!!!!
Play it until it's to unbearable to watch. The more you play it the worse it wil get. Maybe 6 mos.
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