I didn't (or more accuratley the little woman) didn't want ours bolting to the ceiling so shelf mounting was the only viable option.
I understand your concerns dapex about not wanting a shelf sticking out 2ft into the room as that was also one of my concerns, but as already mentioned you do need to leave room behind the projector (pannys at any rate) for them to breath.
I whether rightly or wrongly decided on a shelf (semi circle in shape) 18" deep, the rear of the projector is approx 8/9" from the wall, so far no problems though I do try and keep the room as cool as possible with lamp on low and fan on high.
Also as RTFM has mentioned the projector will need to be sat upside down, I've used rubber feet approx half inch high so as to get some air circulating under it. Also not really an issue not be able to get to the controls on the projector as the remote does it all and is very responsive though I have programmed my pronto now with all the most commonly used commands.
Levelling and squaring it to the screen is simply a case of taking your time and planning ahead, I actually positioned where I wanted the top of the creen to be and worked from there!
Just wish I had a dedicated cinema room so I could get rid of all the wires permantly
Good luck
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