Before you leap in and buy a 1080p projector, just consider using it for a while and see whether you like the quality.
I have a 720p projector on a 100" screen, and the picture is so clear, I cannot resolve any pixel structure form my seat, about 12 feet away, I have to get up very close to see any pixels.
Also, while HDMI connections are convenient, the Component connections should deliver the same high quality, high definition picture, at least in 720p. I don't know what you will have to do to run HDMI cable in that space, but if it requires a lot of work, you just might consider holding off on that purchase for a while.
What is the size of the screen, and how far away from it is the couch? (Oh yeah, what kind of couch is it? Did you ever find out?) How are the connections currently run?
