I like what you've put together, there are a lot of recommendations that I could make on this, but mostly I would recommend a dark coat of paint for the room and perhaps some directional lighting (think Ikea!) so you can get some lights on, but maintain good lighting control in the space.

See:
http://www.avintegrated.com/lighting.html

For an example of how directiona lighting allows you to still use the room while having lights on and the projector.

The projector you should know, if you don't already, is not an HD projector. The native XGA resolution renders it incapable of HD resolutions. That said, it still is great to see the progress we have had with LED in the past couple of years. I would strongly lean towards something like this right now...
http://www.projectorcentral.com/Optoma-ML500.htm

Which is a native HD prjoector and is pretty darn bright to boot. Still, no fairly priced 1080p LED models out there yet. It's like they feel like they will have to make one for $500, instead of going ahead with a $1,500 or $2,000 LED model with 500+ lumens. Weirdos.

So, the two cheapeast things are the lighting and painting that room dark!

Not sure what the overall living situation is, but before you paint, I would bury the speaker wiring behind the walls. It's good experience, and if you have to patch a couple of holes it'll be okay because you will be painting right after you fix them.

I would focus more on getting the room painted dark than getting a proper screen. Even a cheap screen (fixed frame/entry level) is a few hundred bucks minimum and I would have to say that money is better spent on the lighting and painting.

I'm just gonna throw out there that the Bose stuff is very disappointing. Do some homework, do some reading, don't even bother taking my word on this, but Bose is not quality. They pay heavily to advertise their product, but their product is cheap and you not only can do far better, but you should do far better.

A Blu-ray player (Panasonic DMP-BDT210) would be a good addition to the setup if you don't have a standalone BD player in the mix yet.

I have not personally tried out the LED projectors head to head with my Panasonic 1080p projector. I would like to do so in the next year or so if I can and I'm hoping that Sanyo will release a native widescreen/1080p version of their LED/Laser hybrid high end model shortly.

Anyway, it is a fun setup for sure, and there are tons of ways you can go with it from here as you want. Just make sure to keep enjoying it and happy new year!

Why doesn't the pic work for me?