We have a large closet set aside for AV rack, pulling CAT6 to every room.
Centralized is definitely what we like and want. Our experience with a full Control4 rack was mixed. That said it was 10 years ago, I'm sure things have improved a bunch.
The most annoying aspect of our previous install was the glitchy video matrix. Most of the time it worked ok, from time to time we'd get ghosts that were really hard to exorcise.
We have planned distributed audio to 8 locations, distributed video to 4. Various other Control4 applications including lighting, HVAC, and security.
Just trying to decide whether to spend ~$8k on a video matrix, or trying out a software based distribution.