I would rather not drywall the ceiling to provide future access to wiring and ductwork. What could be used to reduce overall noise? I am most concerned about the master bedroom, which is right above the area being finished, as there will be a home theatre system installed.
I would thing any drop ceiling would work. Here's a link to some sound proofing. Good luck!
I believe if noise reduction is better with a drop ceiling. (Plus if your pipes leak, you only have to replace a tile or two not have the celing redone) We just recently had our basement refinished. We did a drop ceiling with a basic tile and there is significant noise reduction. You can buy an acoustic tiles that will reduce the noise even further. It is a bit unattractive (very chunky looking) but if you really want to control the noise that may be the way to go.
Definately go with a suspended acoustical ceiling. It muffles noise, is easy to install, and you can set fluorescent light fixtures into the grid. The article Install a Suspended Grid Ceiling on the following link, tells you just how to do it, step by step.
