Lcd is a tv made up of dots. Each dot is comprised of 3 colors: red, blue, green. Take all those dots together that makes up your picture.
A projection lcd fires the signal at through a color wheel/ lcd chip.
The both work great it comes down to which con you want to deal with. projection has Light-bulbs that needs changed, and some can have the screen door effect, LCDtv can have dead, or stuck pixels, and lag issues.