Spend a couple hours reading recent posts her & you'll see a few things. For instance, at the price point, we prefer TVs like plasmas, for instance, as a sweet spot though no consensus is possible with so many strong opinions (some actually well informed.)

Also read here, threads on receivers & for heavens sake, go to the c/net review section & click into receivers. Fortunately for all of us, receivers are the type of consumer electronics which have benefitted from years of tech progress & competition. They are basically a helluva bargain. Select from the many c/net rates rather highly. Many will do just fine. Don't get carried away thinking you must buy online. Check for local resources at hand.

JBLs are front & center among the many very capable speakers. One thing I believe our sort of consensus would lean towards is recommending regular speakers over in ceiling for an advantage in performance. That is not to say some fine speaker companies are getting into in-wall or ceiling speakers. They are, but the better ones just aren't in with the lower priced bargains.

Hope it's feasible if you still have the opportunity to rather conveniently get speaker cable in the walls before it's finished, along with receptacles. Yes, in ceiling is neater & more convenient - just leaning towards performance for money spent.

In that case, yes, get a real center speaker. Watts per channel isn't all that important within normal spaces. It shouldn't be the deciding factor.

If getting HDMI with the set, forward thinking would lead to also gwetting HDMI connections with the receiver. It's not consistently implemented yet, but will be the favored connection of the future as both video & audio are carried by the same wire.

Your call. Start checking c/net's receiver ratings. Good info . Seek critical reviews elsewhere as to going for a projector @ the $1750 price point. There are raves for the new Sony @ 5 grand (half the previous model price). Your price point - I don't know. We here are much more familiar with plasmas, LCDs, DLPs, etc. @ the price point. Will your basement viewing area be easily dimmed? You need some other outside objective thinking about low end projectors.