Yes, you can use for both.
I've been using projector for Tv for the last several years, in fact, just replaced a better model less than a week ago and have fun calibrating it to the holly grail of D65, flat line!. This is my 5th projector :) what can i say, it's a freaking disease!
When set up properly in a light control room, you would probably never visited the movie theater again, it;s nothing like over 100-inch of popcorn hours in your own home and the image quality is twice as better than you local movie theater.
However, I wouldn't recommend it unless you have a light control room, it's not a suitable daily TV. Nevertheless, buddy of mine that inherits one of my old unit use it as it, likes a TV, he couldn't care less about image quality under daylight condition -- dynamic mode all the way and it's on his wall :)
There are projectors designed for HT use then there's business class with higher lumen output but wacky color. Also, you have to consider throwing distance in related to screen size, viewing distance, screen gain to improve contrast or brightness and such... it's not something as simple as a TV.
Bulb runs you about $250-400 depend on the make and model. The lumen output drops consistently in time. Most last about 2000 hours, i have one lasted over 5000 hours, the down turn is dimmer images. My last one is only 1300 hours, still pumping out some serious picture and not even need a new bulb, i already went for a better model. Bad habit!...
