We starting a basement finishing project next week and it will have a L shaped combo area (Bar and Seating area - seating area doubles as kid play area most days) and I'm trying to think ahead and have the area prewired for speakers. Wondering if someone has done this recently and hassome ideas for placement etc. Also looking for a good flatscreen recommendation.

the biggest concern should be spacing the speakers so they don't cancel each other out. read up on speaker placement before you drill any holes.
http://www.gcaudio.com/resources/howtos ... ement.html

the specifics will obviously vary depending on the size and layout of the room.