I would go with white. I wouldn't want to highlight the projector but rather the thing it's projecting. I think the cool factor will be there regardless of whether it's black or not.

Ignore "isabelle", it's a spammer.

Have you ever considered ways to camoflauge the projector? (like in a soffit, or up into the ceiling?) here are a few ideas: https://www.electronichouse.com/home-theater/7-clever-places-to-put-your-video-projector/

if you do proceed with your current plan, I do think white will blend better.

EDIT: think of it like necessary appliances -- smoke detectors, heat pump wall units, vent fans, etc. since they are utilitarian and also white, they somewhat fade into the background. black kind of demands attention.

Thanks @User, I considered other ways to hide but my false ceiling is not deep enough to keep the projector inside, and building some architectural element (soffit...) is out of scope. Internally I think black would be cooler but surely you are all right, white seems the way to go.

EDIT - Very good point about necessary appliances.

it definitely depends on the vibe of the room! what is your decor style? if it's kind of masculine, black might look better. can you post a pic?

Hey @User, some pics of my living room.

View from the projection wall. Notice the black retro arcade cabinet to the left of the blue sofa, the black AV equipment (two monitors) to the right of the blue sofa, and the current silver projector on the ceiling. The blue sofa is clearly the main color piece of the room.

View of the current projector

View from the sofa (projection wall with speakers)

So, since the retro arcade cabinet is black and the speakers and screens are black, I was considering a black projector. But a white one will blend much better with ceiling, curtains and AC unit... So I'm still a bit undecided.

looking at your room as a whole, either color would look fine. personally I'd prefer white.