Maybe its just me, but why muck up a great looking living room like you have with A/V components which will look way out of place, no matter where they're positioned.
I do not want to put a system in that room at all, but there is no place else to put my main system until the basement is done. The family room was not an option, due to the fireplace and room dimensions. The living room is the only spot available. Once I get phase one of the basement remodel completed, I will move the system down there. I estimate that will take two years.