I've seen first hand some great painted screens, and some really bad ones. It comes down to the wall prep and even painting. I've seen roller marks destroy a perfectly smooth wall, and I've seen perfect painting just lost by poor wall prep.
When it works, it looks really nice, but when it fails...
Keep in mind that some people's skills are different than others as well, and every wall is going to be different too, so what was quick and easy for one install, may not be for the next.
I am not saying not to going with a painted wall, I just wanted to add a dash of reality that it isn't always a simple job to get right.
If you decide not to go painted, you could try something like a Jamestown Home Theater Screen. I know someone that got a 140" screen from them and it said that it was super easy to put together. Granted he went with the Seymour XD screen material and not the base material, but you CAN get a 110" screen for under $300 in matte white or high contrast gray. Within an hour, you would be assembled and done.
Just tossing ideas out there, not saying that the end result would be better than a correctly painted screen, just offering an alternative that people have had success with.