in college i worked for large consumer electronics store and kept up with the more expensive stuff you could probably find in best buy and crutchfield etc ... haven't looked at home theater stuff in a couple years but i will be tiling the man cave floor this weekend and should have it all wrapped up shortly after that.
i wired it for 5.1 surround sound. the room is just not big enough to justify anything else. the entire area is about 225 square feet that includes a half bath and closet. the wall that the TV is going on is about 75" wide and on the other side of it is a closet. so i will be terminating everything in this closet and basically punching everything out in there (so the wall with the tv will be clean and free of everything except TV and speakers).
for the closet: i am envisioning some sort of media rack that will make it easy to set everything up and keep everything organized and clean. i also need some sort of channels that will keep the wires looking decent. finally, i will need some sort of IR repeater as i doubt the remotes will work through the wall (this might be challenging for the Wii U and i will solve this when i get there). all of this plugs into a belkin pureav unit and select hardware gets plugged into a server batter backup unit i have that weighs a ton.
for the room: projector is pretty much out of the question. room is too small and i do not want one. i am thinking roughly 60" TV with 5.1 surround speakers and receiver. for the TV, i currently have an older but awesome panny plasma that i still think has GREAT color compared to some other LCDs and LEDs i have seen at friends. so i don't know what is best now. the room is pretty dark and has one small window that does not let in a lot of natural light. speaker wise, i used to own monster high end klipsch speakers. i loved them but i cannot set something like that up in the space i am in now. so 5.1 speakers that are relatively small but should pack a punch! the receiver, i like the idea of the network attached receivers but it seems to really tap into some awesome features you need to spend a lot of money. i was thinking more along the $300-$500 range and always found Yamaha to be a great bargain.
so this is where i am at. i would love any and all input and recommendations for: media rack, cabling, IR repeater, TV, speakers, receiver ... any anything else really.
very nice equipment is not lost on me. but i need to be realistic with cost. so while i can't give you a budget, i am not looking to go overboard. something that fits the space nice that is above average but not ridiculous.