Ron presented the P502WL with our Special Interest Award, rather than the wider, more encompassing Hot Product award, and that may have you wondering. The lack of interchangeable lenses is one of a few things NEC left out, in exchange for the great price point for a high power laser projector.
Also, unlike most of the more expensive "larger venue" competition, the P502WL does not support edge blending, and multi-projector geometric correction, which isn't surprising, considering the lack of interchangeable lenses (multi-projector setups often offer interesting mounting/positioning challenges), but more significant is that NEC did not provide the full color adjustment capabilities (CMS) found on almost all larger venue projectors and even many sub $1000 projectors.
That said, the NEC serves up some good looking color modes, but if the ability to tune or match color is needed, that's where this NEC becomes "entry level." Fortunately, color is good enough that this shouldn't be much of a factor to most educational institutions, although it probably takes the P502WL out of the running for doing museum type (considered part of the education market) public displays, for which larger venue projectors are the norm.