Here's my sad media room we temporarily made while we saved up for the reno.

Feb 2011
The basement was half-finished, but it was done so terribly that when it came time to work on it I had to gut the whole thing. Here's the same area, which would stay as the media room in the future, after demo.

June 2011
The original plan was to keep the TV in the same location against that wall. Here's a floor plan of the entire basement, the media room is in the middle on the bottom, the TV is on the left wall with a sectional facing it.

One day it dawned on me to rotate the media room so the TV is on the storage room wall. That way you don't have to squeeze past the sectional to get to the other half of the room and I can put all the AV gear in the storage room where it's hidden but has easy access. Here's the updated floor plan that we ended up going with.

It's a little hard to explain, and honestly I have no idea if it will work out, but the plan is to recess the TV into the storage room wall so you can't see the wall mount and cables when you walk into the room. I'm going to build a recessed shelf below the TV for the LCR speakers to sit on. Ideally the L and R speaker would be directly left and right of the TV but the was space worked out all three LCR speakers will have to be on the same vertical plane below the TV, I guess it's one of the concessions I had to make.
The speaker shelf will technically be in the storage room so the front of the speakers are flush with the wall you see from the couch. My original plan was to make a wide rectangular grill cloth to cover those 3 speakers but my wife, being a good designer, had the idea to try something out of the box. We're going to cut a hole in the wall for the speakers, then cover the entire wall in heavy acoustic grill cloth. Not the thin stretch kind but the heavier synthetic woven stuff
like this - FR250 if you're curious. We'll put some trim over the cloth and hopefully it will look something like this:

I'm a little worried you'll see a dark spot where the wall is cut out but if it works out right it will just look like a fabric wall and the speakers will be hidden behind it.
That's the plan, here's how it's panned out:

October 2011

March 2012

May 2012, yesterday as of writing this.
Here's how the TV wall along the storage room has evolved:

Feb 2011

October 2011

March 2012

May 2012, yesterday as of writing this.