We are doing that. We have a projector. In its case under the table in the living room.
Setting it up increases the transaction cost of watching a show/movie. The result is that we only put it up for the few cases when we deem it worth it.
I had this idea as an undergraduate. Unfortunately, I didn't consider the geometry and realized too late that a good viewing experience with a projector requires a screen, which I didn't have room (or money) for. As penance I watched most of Inuyasha on a popcorn wall.
Setting it up increases the transaction cost of watching a show/movie. The result is that we only put it up for the few cases when we deem it worth it.
And when we do, the experience is awesome.