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The only thing I'm going to tackle in this thread is one of my pet peeves regarding basement renovations. It's what we hear all the time and I'll tell you how we deal with it every time.
If you want to have a drywalled ceiling in the basement, do it. Any junction boxes can be accessed through panels that can be painted to match the ceiling color. For those that mention plumbing leaks, DO ANY OF YOU HAVE SECOND FLOORS?! It's very very unlikely that professional work would fail and if it did, you'd still have to replace the tile/s. Drop ceilings have their place, but if you want a seamless transition between the rest of your house and basement, you should really consider the benefits of drywall.
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