Walls and Ceilings - best way to frame/drywall around breaker panel?

I'm planning on finishing my basement and need some advice on the proper / best way to frame around my electrical breaker panel. I will be using 2x4 metal studs with 3/8" drywall.

I was hoping to keep whatever I do there as inconspicious as possible.

Not sure whether your electrical comes into the box from above or behind, but I assume you don't want to call in an electrician to disconnect and move your box onto the new wall surface. This means your box will remain anchored to the wall and you will probably need to leave just enough room around the box for drywall to return back to the wall. So if your box is 12x24, you need to create a rough opening around it that is about 13 x 25. This would allow the drywall to slip back along the sides of the box. You could then run cornerbead around this opening, leaving the box openly exposed, which is what codes require.

Gotcha. Thats sort of what I was thinking.

Is there any way to dress up in front of the breaker box at all? I'd really like to give the wall a clean look since I will be (hopefully) putting a projector screen on it.

The 2 most common ways of dressing up the box cover are either paint it same color as wall [use enamel] or cover it with a door [like a cabinet door]

I was able to remove the front cover from the box, frame right up next to it and put the drywall flush to the box front, then put the cover back on so it rested flush on the drywall. I painted it with the wall and it looks great.

Hold a 2x4 up next to your box and see if the depth will work.

good ideas! I'll check tomorrow.

I'm thinking about finishing it with drywall as best as I can and hanging a movie poster over it. Its not that elaborate, but should work for the room.