I didn't do anything super-fancy in mine, just finished a room and built a rack, but I'm very happy with the way it's turning out.
Before: Just an unfished basement with some makeshift shelves the previous owner left me. First photo is from January of 2011.
A couple early sketchup drawings I made while coming up with ideas.
I cut and framed a hole in the wall under the stairs to hold some rack rails.
The equipment rack getting closer to finished.. (is it ever really "done"?)
Hot pink primer!!
Screen Wall painted: (It's Black Widow
Here's the same angle as the pink primer picture after the final paint was applied:
One of the in-wall surrounds.
The framing for the stage:
One taken from the back of the room, and one from the front.
A couch, a dog, and a projector:
Measured for carpet today. Need a build a computer and get a few more components for the rack an we're ready to go!