Now that your plumbing, electrical and framing are done, you can consider drywall. While standard 1/2″ drywall is acceptable, you may want to consider some upgrades. Because this is a basement, mold growth is always a concern. There is special “green” drywall normal used in bathrooms, that would be an excellent choice for the entire basement. Also, consider sound issues. If your planning on home theater, you might want to consider sound insulation in the walls and ceiling as well as using special soundproof drywall. This will allow you to watch those action movies at full blast on your home theater without disturbing others in your household.
The type of drywall compound is also a consideration. Because mold and moisture is always a concern in the basement, it’s a good idea to use a setting drywall compound for the first coat on the joints. Setting compound is inorganic and doesn’t promote mold growth. Traditional drywall compound can be used for the finish coat to ensure a smooth finish, as it is much easier to work with.