I am about to start running the electrical for outlets, lights and switches and I have never done this from scratch. The diagram has two circuits, one red, one blue; do they both look fine in terms of ordering of wiring the lights, outlets and switches?

I know I'm going to go through a lot of trial and error, hopefully not a lot of sparks either but is there anywhere people can recommend I go or to read so I can make it as painless as possible? The red circuit will need a 3-way switch but other than that they really don't seem that complicated. But I know that actually wiring the devices (keeping the neutral, black and ground (and red)) straight will be the biggest learning curve.
http://xraycat.homeserver.com/photos/basement_electrical1.jpg

Is that just whats on your circuits or how you plan to run the actual romex? You might want to isolate the projector and tv outlets so you can utilize a ups.

It represents the order of connections, not the actual method of running the wire. I don't have any plans to utilize a UPS at all.

So are you planning to run 3 conductor wire threw the cans like the 3 way for the cans going down the stairs?

You have A/V outlets and lighting outlets co-mingled. Lighting should not be on the same breaker as the A/V outlets.

Not sure If I understand the purpose of the 4 way switches.

Oh, those switches marked with a '4' should be standard 2-way switches.

I have been told not to put all lights on one circuit. If that one breaker goes then all lights go out. What is the reason to keep the AV outlets seperate from the lights?

I've updated my wiring diagram so that it more matches how I would have to wire it: maximum number of wires per box, type of wire run, etc. I think this is exactly how I'll do it unless there is a reason I should keep the lights seperate from the outlets used for the TV, projector and AV equipment.
http://xraycat.homeserver.com/photos/basement_electrical2.jpg