The big deal with the planning is that you really must plan it out very carefully ahead of time. Before drywall goes up.
You want to start with projector placement? Okay.
What screen size will you have?
Yes, that MUST come first.
Let's say 121" diagonal (like you said). Do you know if this screen diagonal is appropriate for your seating distance? Let's assume it is.
Okay... now... what projector will you own?
Yes, that comes first.
Let's say a unit with very average zoom range - like the InFocus IN76.
Now, what range can we put that projector in to get a 121" diagonal? Over to
www.projectorcentral.com and their projection distance calculator.
http://www.projectorcentral.com/projection-calculator-pro.cfm
We pick the InFocus Home, Play Big IN76, set the diagonal to 121" and we are left with a diagonal slider that says the projector can be between 13.4 and 17 feet from the screen to the FRONT of the projector's lens.
For fun, try some other projectors and see what the range is. Try the Optoma HD72, try a bunch of other models. See what the average range is - likely about 15 to 17 feet or so for 121" diagonal. Well, guess what, that is where you probably should consider pulling the wiring to for the most flexibility in your projector installation.
Now, pull your HDMI, component, composite, and power lines there. Think about adding control (Cat-5), computer cabling (VGA), perhaps some 1" or larger conduit to the head end for future cabling.
Consider where the head end will be - that's where all the equipment lives, and the FRONT of the room is not the most ideal place in a theater as lights will distract from the actual movie.
Now... where do those speakers go? What type of wiring will you be using? Remember, it's not about brand names, but about the actual wiring itself, so check out
www.monoprice.com before some Monsters jump out and scare you.
If you have someone who is experienced enough to properly terminat all the wiring and put everything in, then having a consultant who can properly tell that person where to pull everything to can do a lot to give you some peace of mind. Simply guessing at things when it is your home is not often the best way to go about things and may cause more frustration than happiness down the road.
Good luck!