I think the "BeoLiving" idea is very good.
A small screen for the programs like news, tv series, ... and a hidden projector and sreen for the cinematic experience.
The main screen could be a 32" or 40" (OK for your viewing distance) and with the hidden projector and big screen, you don't transform your living room in a "showroom theatre".
I think it's a very clever solution because i think the everyday programs can't have a really good quality on a very big size (50", 65",...).
You get often black bars because lots of programs are not 16/9 and lots of are SD.
The only problem is that you must find a good location for the projector, must be in front of the screen and hidden. And find a solution to hide the cables.