Game systems and home theater

I am beginning the long trek of setting up my home theater, fortunately my basement isn't built yet so I have some time.

What are the best configurations to have game systems in a home theater projector environment?

Would wall jacks in a recessed area be a good course or a stand alone rack? I know some of it is driven by cost and other by aesthetics so there probably isn't a best answer. I guess the best place to start would be finding out what other people do.

Thanks in advance.