Something amazing - what would you buy

Now that we know a little bit more about you, my answer changes a little bit.  If you're 80% movies, tv, sports then your projector is spot on.  I said Mac has good equipment but given how you intend on using that room, you are totally wasting your money on Mac and i don't care how rich you may be.  The projector is so important in a theater room.  You definitely need acoustical paneling and bass traps.  
As other readers stated 90% of the sound comes from the left, right and center speakers.  You mentioned Martin Logan ----decent in wall speakers.  The best I have ever hear for in wall speakers are the Legacy Siljouette,  I say that because from a musical perspective they are outstanding.  Think about movies you are watching....you are not hearing piano chords, guitar frets, sax or cello instrumentation.  You are basically hearing a big tv with an occasional slam.  All of my theater room seating have bass amp modules in them so everytime there is a slam during a movie you feel the vibration in your chair.  
I actually do 50% music and 50% movies in my room.  The Tektons that Eric built for me ( all in wall except for the two subwoofers ) are musical and provide excellent movie theater sound.  You really don't need to spend that kind of money on a theater room of your size.  Again, you are not doing critical listening in a TR, unless you are talking two channel.  .
Find a you tube video of Legacy Silhouettes just to give you an idea on the sound.  Talk to Eric at Tekton and you can mention that he built an unique system for me.  His custom DI in wall system goes for around 8K and that included the sub amp.  Paradigm also has very good in wall systems.  

Man I wish I had your budget.  I would have the best of both worlds.  A world class two channel system that is separate and an awesome theater room system.  I don't know what kind of furniture you are going to put in but I have used 4seating.com for all of my theater rooms.  Two of them had 12 chairs and my current one has 6.  

Take your time and do more research.  Sticking with Best Buy is ok but there are so many other professional installers in every city who can helo you also.  

When I started I was thinking two big B&Ws upfront and visible with a center channel too, and everything else B&W hidden behind fabric-covered walls around the room, or up in the ceiling.

Now I am beginning to think I should hide all the speakers for the HT setup (now thinking Tektonic or Legacy Silhouette) and then run a parallel but separate 2-channel system (B&W or something else) for the 20% of the time I am listening to that.

I am not a fan of perforated screens.  I don't care what screen makers say, I don't think you have as good of picture quality and sound quality if you are going to hide speakers behind a screen.  

I hope we are helping....love that you are going to at least consider Legacy Silhouettes.  If you call Bill Dudleson (sp?) at Legacy, he is the owner and he can help you.   You may find that you don't need a separate two channel system with those speakers.  

Where do you live?  I have travelled the country looking for speakers.  I hope you broaden your thinking on B&W.  

Well, I went back to the title of your thread and thought about what I’d buy if I had your budget and wanted something truly amazing, and this would be it...

- ATC SCM100 ASLT powered front towers ($29,999)
- ATC C6CA powered center speaker ($16,999)
- Preamp/Processor (depending on need for analog inputs):

1. Bryston SP4 ($16,999)
2. Lyngdorf MP-50 ($9,999)

- Rhythmic F12G subwoofers (using 4 @ $1100 each)
- ATC onwall surrounds or other quality inwalls ($????)
- Audio Envy Cables/Interconnects/Power cords ($????)
- Audience AR-12 T4 Power conditioner (or similar) ($11,195)

The core of this system is the ATC speakers that are the self-powered version. Why ATC, and why self powered (aka “active”)? You’ll be hard pressed to find speakers that can match the dynamics, refinement, and distortion-free clarity of ATC speakers, which are desirable properties for home theater performance. The active versions of these speakers have internal amps that are specialized to power each driver individually and has further benefits in the crossover area, plus it absolves you of having to choose a separate outboard amplifier. I used to work for a dealer who sold both ATC and B&W, and especially for home theater ATC just blows pretty much everything away IMHO. 2-channel performance is more beholden to personal preferences, but ATC is outstanding in that realm as well so you may very well find this system more than satisfies for both theater and critical listening.

Since the amplification for the front channels is already taken care of, the next biggest decision is the preamp/processor that is the heart of the system. If you don’t think you’ll have any analog sources like a turntable or separate stereo preamp, I’d seriously consider the Lyngdorf because it’s a very good preamp but also employs their proprietary Room Perfect correction system that makes it very easy to optimize the sound in your room and maximize the “WOW” factor of the final result. If you REALLY want to max out the system for 2-channel and/or use a turntable I’d go with the Bryston as it has analog inputs and uses Dirac Live for room EQ that is also excellent.

Id also recommend using four subs as it’ll maximize performance for both HT and (believe it or not) stereo listening. IMO Rhythmic subs offer excellent design and performance for both music and movies at a reasonable price, but there are other excellent choices as well.

At this point the major core of the system is complete, and we’re “only” at $60k to $68k in equipment (plus video equipment and tax), so even adding all the rest you’re probably $50k or so under budget. This system may well blow you away for stereo listening as well, but with the $$$ left over you’d be well on your way to an excellent separate 2-channel system if you so desire. If it’s me and if you really like the sound of the ATCs, I’d just add a separate stereo preamp into this system for $6k-$10k that’d take your 2-channel performance up another notch. But that’s IF the stereo performance doesn’t wow you just using the pre/pro, which it may very well do.

As for the rest, to me the surround speakers and amp can be a little more flexible as long as they have a sonic signature similar to the front three. I’ll probably get eviscerated for saying that here, so I’ll just gracefully bow out on this now.

Cables and power conditioning are very important too at this level, and I just made some recommendations that I think would work well without spending a crap ton more $$$, but suffice it to say there are lots of other excellent options out there.

Last, and certainly not least, I’d use Magnolia for the install unless you have a rock solid recommendation for an installer from someone who’s actually used them before. Why? The HT install industry is littered with shady and/or under-financed characters who either do shoddy work or take forever to get a project completed — or both. I worked for Magnolia in the past and have gone on several of their installs, and I recommend them highly and would use them on my own home install. Why?

• They do tons of installs so they tend to have experienced guys who really know what the hell they’re doing
  
• They have a national reputation they actually care about and want to protect, and they really want to do a job right
• They are owned by Best Buy so financing is never an issue
• They are realistic about the time it’ll take to finish a job and they work very hard to adhere to that timeframe
• They are very respectful of your home and even wear booties when in your home to protect your floors (it’s required by Magnolia)
• This is a BIG one — when they quote you a price, that’s what the price will be no matter what. So if the job is harder than they thought or they run into expensive issues along the way, you’ll never have them come back and tell you they need more money for this or that. They eat it if the job requires extra work or materials to complete, and I’ve seen then do this several times.
• They are actually very price competitive compared to independent installers due to volume cost efficiencies. I oversaw a $40,000 install for a neighbor of mine when I was with Magnolia, and we were $8000 cheaper than the next cheapest bid.

OK, my fingers are tired. Hope this helps, and best of luck in building your AMAZING system(s), and yeah I’m friggin’ jealous as hell.