I have the same projector, but I haven't noticed any burn in whatsoever, though I don't use it for games.
When you say the colors are a little soft, this could mean that the light is not completely controlled in your room. If that's the case, then this will cause problems with any projector.
You can dramatically improve the image quality by making some improvements to your room environment. First of all you want to completely block any outside light: there should be no light at all coming through windows doors, etc. Second, there should be no ambient light in the room. If you do want some light, use spotlight, so it wouldn't be directed to the screen. Do this experiment: turn off your projector and look at the screen. How dark is it? Guess what, that's how your darkest black will look when you watch the video. It's not going to get any darker.
One other important factor in controlling the light: the light from the screen gets reflected back from the walls, ceilings, furniture, etc. and washes out the colors. You can reduce this effect, by painting the walls and the ceiling in darker colors, putting dark drapes, etc. Though this may have a very low WAF!
And one last thing: how many hours do you have on your lamp? I noticed the colors become washed out when the lamp is about to die.
I am ready to upgrade my projector too, but I am waiting for Epson to introduce a 4K line. Of course, this may not be so important for gaming.