Note this is just talking about projector calibration AND profiling when attached to a PC, not to a video (dvd/bluray) player. I.e. this discusses profiling using the i1Profiler software and the creation of an ICC profile that is installed in to the appropriate place on your computer to colour manage the output of the projector at all times. This is fine if you’re using your projector as a portfolio display tool hooked up to something like a Mac Mini or a small PC, or if you’re using an HTPC (Home Theatre PC – a PC that drives your home entertainment system).
In the other scenario, when there is no PC involved, i.e. you have a video player connected to your projector rather than a PC (e.g. a home theatre using a bluray player) – you can only do calibration, not profiling (as there is no place for the ICC profile to be installed) (read Calibration vs. Profiling to understand the difference). This means you need to use another approach in this scenario – the best place to read up on that I have found is the AVS Forums.
In this approach, you load some software on to your laptop (there are a number of free and inexpensive options), load in a test disc to your video player and then take measurements using your calibration device and tweak the display as the software tells you to – often resulting in remarkable improvement from even modest quality displays after just a few minutes work. Spyder also sell the Spyder3 TV for this which is easier than doing all the research in the forums but in my experience not as effective.
There is a review of the i1DisplayPro for theatre profiling here – they love it!
N.B. Note at the time of writing the retail i1DisplayPro only works with X-Rite software and will NOT work with any third party software, (a blog entry about this ridiculous decision from X-Rite coming up soon!) – so if you want to profile a projector using third party software you will need to use a Spyder3 or Eye One Pro at the moment.