Well, after the sump pump project started being discussed, we decided to go ahead and finish the rest of our new basement so that it now includes a fully finished bathroom, a legal bedroom (with egress window), and playroom. This had been in our original plans but we decided not to do it when we did the rest of the addition because we weren't entirely sure what we wanted and we wanted to cut some costs.
The whole project took about 3 weeks despite continuous snowfall (very unusual for here), and we used Jim Cole again. We were fortunate to get him at a slow point so we feel we got a lot for our money.
We chose the same quality of finishes as we used upstairs but chose carpet instead of hardwood because of moisture issues. Although I have heard that you can use carpet or laminate in basements, we also really wanted the warmth of carpet. We chose a subfloor called DRIcore to use under the carpet. It's a great product which we learned about from some neighbors who used it in their basement. It is basically plywood pieces that lock together and which have some plastic feet-type pieces on the bottom - thus keeping the wood off the concrete. It's much warmer and provides a space for air underneath.
Eventually we will install some built-in bookshelves and a wall-mounted TV, but that is all for the next few months. Right now, the kids are really enjoying the play room (our son started crawling the same week we finished the project) and the extra guest room has already come in handy several times!
I'll post more information over the next few weeks, as well as some finished pictures.