Here is what I'm working with:
http://www.iowarealty.com/homeimages/342464/342464_din.jpg

The two outlets above the fireplace are: 1 standard 2-plugin and the other is standard cable connection. I'm looking to place a 42" (I know) Panny up there with either a pivot mount or full-range adjustable arm. Down the road, I'll get a bigger TV for the bigger room, I just moved here.

The problem is, where does my PS3/Receiver/HD DVD player go? The only thing I can think of is getting a tall, narrow rack to put them on, then run the ugly cords (*shudder*).

How would you set this up?

We need a little more info.

Is this a house or apartment/condo? Are you willing to put holes in the wall if it means getting cables where they need to go and then patch the holes? Is that wall with the fireplace an outside wall? Is there a basement below this space?

A lot of people have their equipment somewhere else and run an HDMI, component, etc. to their flat panel above a fireplace. It just takes some work to get those cables run. Then I would probably use some sort of IR repeater to control it all if you put your equipment in another room or closet.

If you absolutely can't run any wires through the wall then I would conceal them in a wire chanel (painted to match the walls) run on the right side edge of the fireplace, along the top of the base molding, to a rack/cabinet over there between the fireplace and sliding door.

Maybe do a little digging in the "Home A/V Distribution & Networking" forum and look at this thread http://www.avsforum.com/avs-vb/showthread.php?t=781476 from the "Flat Panel General & New FP Tech" forum.

That flat panel general forum would probably have been the best place for you to post this.:)

Understood, thanks Bluesfan.

To answer your questions. It's a home, outside wall and I can do anything with the wall I want. It's a ranch home with a full unfinished basement so that is also an option.

I looked at many pics and browsed the forums some more yesterday and understand what you mean about the IR repeater and running the cables. The cable channel is an option but obviously not as clean. Will browse around more and read up.

I see a lot of walls where the flat panel can go and you could put a low AV cabinet underneath to house all your gear. I'd forget about putting it over the fireplace and just hide those two plugs with a nice picture.

IMHO placing a display that high up is a Pain in Neck. Plenty of people will now want to post pictures of there displays over a fireplace and say they are happy. I would not be. You have choices and I would pick another location.

I agree BIG. My in-laws have their plasma high up like that and I don't care for it. Although, I don't think their room is as wide as edge's. Maybe it has more to do with being too close for that angle?

How high is it to the top of that mantle anyway? It seems pretty tall.

It's a ranch home with a full unfinished basement so that is also an option.

Whoa... Wait.. You have a full unfinished basement?
Well, that answers THAT question... Are you kidding? Why waste a perfectly good living room? You could make a beautiful theater in that basement, and have much more flexibility with options, and sound, and everything else.

Basement!!! basement!!! basement!!!......

JMHO ;)
China

The top of the mantle on the fireplace is roughly 60 inches from the floor. The placement of the outlets there, forces me to mount the TV bracket above those too, so I'm looking at ~72 inches (6 feet) with the bottom of the bezel sitting at roughly 64-66 inches from the floor, so yeah, pretty high even with a 15 degree tilting wall mount. If the fireplace mantle wasn't there, it wouldn't be so bad.

@China
Yeah, I just bought the house and will be moving stuff within the next 2-3 weeks. I wanted to get an idea of what I could do with that one, main living room. My first thought was to make my dream theater room in the basement but I don't want a huge project when I first move in, I'll get to it. For now, I only have this one 42" Panny plasma and wanted to make immediate use of it. I figure the I will have a TV there eventually anyway. The basement theater will have at least a 50" TV.

Just cut a few holes in the wall then and run some cabling in there. Just make sure the power's off to that outlet before you start cutting! :) (And yes, with a full basement, in a few months after getting settled, get to work! :) )