1. A projection display system for reflective light valves comprising: a light source for generating a light beam having red-green-blue (RGB) light components; a projection system having two polarizing beam splitters and two dichroic filters therein, wherein each polarizing beam splitter and dichroic filter reflects a preselected light component and transmits a different preselected light component, and a LCD panel for generating a light-component-specific image associated with each light component; and a projection lens for projecting an image combined from the light-component-specific images from the LCDs; wherein each light-component-specific image interacts with one and only one polarizing beam splitter and interacts with one and only one dichroic filter between the LCD and the projection lens.