The best replacement for optoma ml500 is acer k330.

The best alternatives to optoma ml500 are rated as following:
★★★★★  acer k330
★★★★  viewsonic pled-w500
★★★★  vivitek qumi
★★★★  lg pa70g
★★★  lg hx350t
★★★  qumi q5
★★★  qumi q2
★★★  vivitek qumi q2
★★  dell m110
★★  lg pb60g
★★  qumi
★  benq gp2
★  lg hw300g
★  benq gp10

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optoma ml500
acer k330
viewsonic pled-w500