The new FiOS HD DVR, arguably the biggest update since Verizon released a DVR, thanks to its external storage support, enhanced multi-room functionality and slick new 16x9 HD user interface.
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Panel, of whichever variety/brand floats yer boat.
The odds are that using a projector means cables everywhere since you probably won't be digging into the walls and/or ceiling to setup this up pretty.
However, if flat out size is the most important factor the projector wins hands down assuming you have a nice big wall to splash things on...