[JoeRedskin]

An alternative is to run the plumbing below the sheet rock. Run it tight to the ceiling and paint it. Yes, it breaks up the aesthetic, but not as much as you would think. Hell, it's a basement, even if finished.

I am with you, however, I hate drop ceilings. I have refinished two basements myself and put up sheetrock each time. Not the same situtation entirely b/c, in one, I had enough room to leave a crawl space for access and still have 9' ceilings. In the other, I had no choice but to run the sheetrock right on top of the rafters and leave the plumbing exposed. Like I said, I just painted it and now I don't really even notice it. CRed's seen it (hell, he helped me put it up).

The difference with the basement as opposed to other plumbing in the house is that basements tend to be where the majority of the plumbing is and where it runs horizontally through the house. It then just shoots a vertical to the kitchen or bathrooms (which are usually stacked on the main waste pipe). If the pipes are in good shape (should be since it's a new home), you're probably fine.

One issue I have had is that the pipes occasionally sweat in humid weather. Since they are exposed, I simply dry them off when they do so. If they were covered, it would be an issue.