BB LED Matrix
This project uses a 32X32 LED array (1024 LEDs in total) and a beagle bone black board. The page describing the project has very nice explanations on how the whole system works (and LED displays in general).
From this project, the creator Glen Akins, went on to construct a 3X2 matrix of 32X32 LEDS, or a total of 6144 RGB LEDs that have a 200Hz refresh rate! Check out the video below of the panel in action: