A cool idea I tossed around when I finished my basement in 2010 was not putting in a drywall or drop ceiling, but actually spraying the "ceiling" black. The duct work, plumbing, joists, canned lighting (if you put it in)...spray it all black. It sounds strange, but it looks really, really cool. And you don't have to worry about any issues with installing the ceiling or leaks damaging your ceiling. To cover up the edges of the top of the drywall, you can put in crown molding.
Dammit. I actually wish I'd have done my ceiling like this instead of a drop ceiling.
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