Attached is a picture of my great room. Just recently purchased the house and trying to map out how i'm going to have it setup. Im thinking a plasma over the fireplace, but I also would like a projector screen to drop down on that same wall. Am I trying to do too much? Should I just think about moving everything to a different wall and leaving the fireplace alone?

http://i29.tinypic.com/23wjpet.jpg

What are those wires on the right wall and what/where are they coming from or going to?

Its a foreclosure..so don't know much about the options the homeowner opted for when it was built. It's in a custom home subdivision. There are four in ceiling speakers in the room. I will probably just use them to just play music via a control4 system. Looks as if the room was prewired for a plasma over the fireplace and all wires routed to the other wall. Any ideas guys?

I bought a new home last year with a niche over the fp. We used it like that with a 46" LCD for a few months, but soon got tired of the placement and lack of surround sound. We opted to rotate our room 90 degrees and place the TV/Audio/front speakers on a larger wall. It required me to run additional wiring which took some time but we are much happier having the TV at eye level.

Of course, I am saying this without seeing the rest of the room. You may not have or want to turn it based on other walls, or seating arrangements.

Do you have access above this room?

Its on the main floor and has a story above it.

I'd put a projector screen ( perhaps electric to drop down over a smaller flat screen ) on the wall to the right, and leave the fireplace wall alone. If you can shelf mount a projector on the opposite wall, you can leave the ceiling fan in too most likely.
The fireplace wall is pretty cut up with windows and the fireplace as it is.

Thanks Craig. Kind of what I was thinking. I'm going to measure the room and see what hard numbers I'm dealing with. My next problem would be hiding the outlets above the fireplace. I guess a nice picture or miorror could do the job.