The number of televisions estimated that sit unused in closets.
The EPA estimates that nearly 100 million unused televisions are currently taking up precious, beautiful space. (source: EPA, July 2008)
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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...