Best Buy honored this deal for me today. I purchased a 54S1 a few weeks back on sale and went back today and showed them the $200 off deal with purchase of a BD-60. Customer service had to ring up the Blu-ray player at no charge to get it to work. They didn't change my original receipt. If they balk, I would show them the current price of the TV/Blu-ray player on Amazon to see if they'll match it. My experience has been they will.
I don't think this is an absolute. Assuming the TV is mounted just above stand height, a properly placed center speaker and a few wire ties can hide the cables from all angles. No need to run cables through the wall in this instance.
What is the consensus now that the TV's have been out for a few months? Is there a picture quality difference with the G sets compared to the S? I don't plan on using THX mode. I'm currently deciding between a 50G10 and 54S1. I can get the 54" for $190 more. This is for my bedroom and the viewing distance is 14 feet. I'm leaning towards the 54".
Best Buy has the 54S1 in their ad this week so they should be in stock. I know it's more than your budget (see online ad for price) but at your distance you would really appreciate the additional screen size vs. the 50". I bought one this week and they took an additional amount off the sale price. Maybe you could go in there and explain to them your situation to see if they can get close on the price.