No doubt. I bought a bed comforter from BB&B that I drape over the screen of my 73" DLP to kill the reflection. I'd prefer a projector, but I have "room issues."
Big upgrade
I just installed a projector in the "media room" portion of our finished basement. By doing this, I was able to ged rid of the 50" plasma that sat between my speakers. WOW, what an upgrade! The soundstage exploded in all directions. Most noticeably, depth. It makes sense that removing a large, acoustically reflective rectangle from the middle of the speakers would make a difference, I just wasn't expecting such a huge difference.