The 990's DVI switching will work with 1080p HDMI video, it just won't get the audio from HDMI (which actually only comes into play with Blu-ray or HD-DVD, and even then only really makes much difference if you dn't have multichannel analog output on the player or have something else using the multichannel analog input). I've got an HDMI FAQ in my sig with a good overview of the situation with HDMI.

What's your equipment list? You mention a projector, Blu-ray and PS3 (separate units or the PS3 for BR?), HD-DVD, and an Xbox360. If we have a full list, we can tell you what limitations you might run into with the 990 - and what limitations you might be anticipating that the 990 can actually do just fine.