Here's an inside look at the projector assembly sans the protective cover.

Light for projecting images is supplied by a very powerful LED (shown in red) that even has its own heat sink to conduct heat to the aluminum front panel.

As light leaves the LED it passes through some filters and lenses (shown in orange).

A good deal of engineered optical reflection allows the light emitted by the LED to reflect through a tiny LCD panel (shown in yellow) and head toward the mirror.

Before bouncing off the angled mirror and exiting the camera, the projected image passes through a focusing lens (shown in blue) connected to the slider on the top panel.