I'm a huge fan of projectors. With large TVs, you have a huge black wall when you aren't watching. With a projector you can have a pull-down screen that disappears when you don't need it. Or leave it down - it's white, and a lot less visually intrusive.
The only problem with projectors is there's not much choice if you're sensitive to DLP rainbow effect. I haven't tried one of the newer ones with a faster colour wheel, though. It means I've had to go JVC DLA projectors, but these are now ridiculously expensive and I can't see myself ever spending that much on, well, anything.