There are companies out there which make things like this. One I'm thinking of even sells licensed reproductions of fine art -- reproduced in such a fashion that they can be rolled up like a window shade without cracking -- mounted on a roller with a remote controlled motor. Hit the remote and your "painting" hides itself revealing the flat panel display. They charge thousands of dollars as license fee for the privilege of having such fake art.
It looks OK from the front as long as you don't get too close to see that the art is a repro and not a real oil painting or whatever. But it looks pretty tacky from the sides since the "frame" has to be made so thick to cover the distance from the wall all the way to in front of the display.
The sides are made of perforated metal or perhaps plastic to allow for ventilation, and the degree of ventilation looks adequate to me assuming of course you don't actually turn on the plasma with the art work hanging like a blanket in front of it. The weight of the plasma is, of course, carried by a normal wall mount, so the frame only needs to be strong enough to support the milled wooden picture frame making up the front, motor, roller, and fake art. In the installations I've seen in showrooms, they usually paint the perforated sides to match the paint on the wall in an effort to make it look less tacky. Doesn't really work....
--bob