Randy:
I'm in the process of setting up my downstairs HT. Z1 projector. I went with a 102" diag Carada screen with the cinema white and it made a huge difference over the plain white wall. The frame on the Carada is really nice the way it just soaks up light. My walls are still light and we have still been enjoying a lot of movies. We do plan on going much darker with the walls soon.
Black isn't an option unless I want to move out
For the screen wall, going with a very dark red that looks sort of like an older theater drape. The rest of the room will be some sort of complimentary brown. Planning on a large dark rug or carpet for the area in front of the screen.
I think the most distracting area will become the ceiling. The top of my screen is less than a foot from the white ceiling. Future project might be some sort of roll out hanging fabric on the ceiling.