I currently have an unsightly setup for my living room media:
My 60" plasma is wall mounted above our fireplace, with my Yamaha receiver, cable box, sling box power conditioner, Xbox, blu ray player and modem and router stacked atop a cheap target TV stand.
I could build a custom console for the corner of the room, but that would require cutting more holes in the drywall, and running a long length of HDMI behind the wall (~25 feet).
Option 2 is setting up a shelf in the basement and running the cables all downstairs to my unfinished basement.
I think an IR repeater would make controlling it easy, but I'd still have to run up and down stairs should I want to use the Xbox or blu ray player.
Also, the basement is a little damp, so I'm a bit worried about what humidity would be dangerous to the components.
I'd also be curious as to how Id use the yamaha's automated speaker setup (the cable to the mic isn't that long), or how to set up the kinect camera...
Any thoughts? I like the clean, open idea of having nothing but a TV upstairs... But I wasn't sure if anybody is living with the basement setup???