If you don't have the room for a full-blown entertainment centre, home blog Apartment Therapy shows us an interesting place to keep you TV out of the way: inside a rarely used fireplace.
While this particular fireplace was designed and built specifically to house this TV, it does bring to light some interesting ideas. If you don't use your existing fireplace that often, you might consider hiding your TV in there to save yourself some space instead of having that big gaping hole (and a big space-wasting home theatre) in your living room.
On its own, the TV is probably too low for most people's likings and severely limits your ability to put a coffee table in the middle of the room, but with a simple swivelling TV bracket, you could have a really nice setup going — just bring the TV out of the fireplace and up to watch it and put it back in its home when not in use. Plus, if you have a large enough fireplace, you probably have room to hide all your accessories as well. Hit the link for a more detailed description, and share how you would best utilise this space in the comments.
How To: Hide Your TV Monitor with Style [Apartment Therapy]