Hi Darren!
Every minute that a projector discharge lamp burns, it deteriorates.
Some projectors have an "economy" setting that decreases the voltage applied to the lamp, which results in more hours but less brightness.
When you see the lamp manufacturer state "2000 hours" or similar, then that's an average lifespan of usable brightness, although some purists will find the brightness at the last couple of hundred hours to be unacceptable as the brightness will decrease rapidly towards the end of the specified lifecycle of the lamp.
One thing I can tell you is that you should always keep an eye on the hour counter of your projector, as running past the recommended hour usage sometimes results in the lamps exploding and I have seen many cases of optics and LCD screens being damaged or destroyed.
Most modern projectors will display a warning message onscreen as the lamp(s) approach the end of their working life.
Remember to reset the timer via the menu system when installing a new lamp.
In saying that, if you work out how much it costs per hour to run a projector, it does actually represent extremely good value for money, despite the cost of a replacement lamp.
However, always check the cost of a replacement lamp before you decide on your purchase of projector, as with printers, the hidden cost of consumables can make all the difference to the inevitable running costs.
Still, it's far cheaper than going to the cinema!