Front projection makes your room a theater.... In my opinion, if it isn't a front projection on a big screen, then it's a media room at best, never a theater.
Of course, front projection uses a ceiling/floor mounted projector and a screen which really requires the room to be light controlled. You want to be able to block 100% of the light from enterring the room if possible, and this puts a limit on how many people can actually use this type of setup and create a home theater.
Now, rear projection typically gives you a fair amount of bang for the buck. The question then becomes how much are you looking to spend and how large of a TV do you want? CRT still gives the best black level and (in theory) should be able to produce the best images, though not as bright as the newer technology. Rear projection CRT sets are typically very heavy and are about 2 feet or more deep. They aren't like the newer thinner rear projection technologies... But, they are usually solid and reliable and far less expensive than the newer technologies.
LCD, DLP, and LCOS are the biggies for new rear projection technologies and many manufacturers back all of these. Really, depending on your price and size you will still have a wide selection, so the best way to pick one is to read reviews from owners and to check them out in the store, though the stores, quite often, do not have a display properly calibrated for home use. Which is best? I would say that none show a clear winner, but DLP may provide the most consistent clean image. These newer displays are brighter and allow viewing from multiple angles (seats all around the room) much better than CRT. As you look at rear projection sets in Best Buy (or somewhere else) look at the display from multiple angles to see what I mean.
Plasma still seems to be the flat panel display technology of choice. A good plasma will come at a high price but will offer a excellent image that can hang on your wall. There are no bulbs to replace and most units should last 10-15 years before the image is HALF as bright as the day you bought it. That's a long time. The big issues with plasma are price, which is still very high for the size you get, and that most plasmas don't provide as good of an image as many rear projection units do. They are very heavy and use a fair amount of power and generate a lot of heat. If the display is not specifically going on a wall, then perhaps you don't want a plasma. You are also somewhat size limited with them as 42" and 50" are pretty standard but at 60"+ you are looking at the $10,000.00 range or more pretty easily. In comparison, the 65" CRT rear projection TV by Toshiba on BestBuy.com right now is selling for $2,000.00. Huge price difference.
LCD rear projection is typically reviewed as not being as good as plasma, but I have seen it and liked the looks of it. Also very expensive though. The largest on the market, that I know of, is 46" and the 45" Sharp may be at your local Best Buy for about 6 or 7 grand. Not cheap either!
Which is best for you? Well, if you don't care about it hanging on the wall and you can deal with a deeper cabinet, and you will mostly be sitting on the couch and floor while viewing it, and you can't control light in the room, then CRT rear projection may be the way to go.
If you can control the light and really want a 'WOW' experience... front projection IS home theater.
If you want something thinner/brighter and don't want to spend as much on a plasma, then LCD/DLP/LCOS all offer excellent rear projection choices.
Pure cool, without being a dedicated theater/light controlled situation = plasma or LCD flat panel displays. With a price tag to match.
Lots and LOTS of choices now aren't making things easier.
