Pro and Cons of going the front projector route

I'm seriously considering getting a projector and screen for my new apartment. It's spacious and I think it would suit a projector system well, but I really don't know very much about this technology.
From a little research I know there are a lot of dimensions to this. I'm hoping somebody might be able to provide a step by step guide (or at least a few pointers) on how to go about determining a) that a projector is for me, b) what projector i should get, and c) how do i go about setting it up.

Any help here would be much appreciated.