Location-based services, which can be applied in navigation systems, are a key application in mobile and ubiquitous computing. Combined with indoor localization techniques, pico projectors can be used for navigation purposes to augment the environment with navigation information. In the present empirical study (n = 24) we explore users’ perceptions, workload and navigation performance when navigating with a mobile projector in comparison to a mobile screen as indoor navigation interface. To capture user perceptions and to predict acceptance by applying structural equation modeling, we assessed perceived disorientation, privacy concerns, trust, ease of use, usefulness, and sources of visibility problems. Moreover, the impact of user factors (spatial abilities, technical self-efficacy, familiarity) on acceptance was analyzed. The structural models exhibited adequate predictive and psychometric properties. Based on real user experience, they clearly pointed out a) similarities and device-specific differences in navigation device acceptance, b) the role of specific user experiences (visibility, trust, and disorientation) during navigation device usage and c) illuminated the underlying relationships between determinants of user acceptance. Practical implications of the results and future research questions are provided.