Plasma screens blow. They can\'t produce blacks worth crap. They look grey. Front projection is the only way to go. No problems with viewing angles. Nothing can beat it.
I would probably go for the stereo. The speakers I want are 8 grand a piece so if you are willing to fork over about 20 grand I will do that.
As far as my entertainment center goes, I have a regular tv on a Bell Ogetti entertainment center. DVD, Laser Disc, PS2, VCR, CD, Yamaha 992, HD-DSS Receiver are all there. If you look in one direction you view the regular tv, but I have a Front projection unit that fires to the left wall. I have one couch facing one tv and one couch facing the wall for the projection. I only really use the projector for HD, movies, and PS2. Eventually when we build a new house the projector will get it\'s own room.
But for now it just sits on the floor.