Because my plasma backs up to a closet, I was able to cut a 1.5" hole through the wall behind the lower left corner of the plasma and route all cables, including power, through the wall into the closet and thence into the converted wet bar where I have all my gear in a rack.
If you don't have the opportunity to do something like that, you could route the cables down to the floor and then cover them with some sort of wiremold. It's worth the extra effort to get the clean "picture hanging on a wall" effect. That really stops people in their tracks, especially when you have an HD picture on.
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