You really have to think about what the room is mainly used for, if it is a lounge first then I would go with as large of a flat screen LED or plasma you can afford. A projector needs a completely blacked out room, might not be the best if you want to enjoy a cigar and the game. If it is mainly theater than you really don't want hardwood floors. I could be wrong but it sounds like this is a room to hang with friends and enjoy a good cigar and a drink, if so than a projector is not ideal.
Hope this helps
p.s.
Unless you have little kids, screw 3D and save the money and put toward better receiver or speakers.
Hope this helps
p.s.
Unless you have little kids, screw 3D and save the money and put toward better receiver or speakers.