I've wall mounted two HDTVs and ceiling mounted an LCD projector in the last two apartments we've lived in. But one thing I've always been envious of is the home owner's option to run cords and cables invisibly behind and inside the wall like Allison and Ben of the the blog, House of Hepworths, did with their living room center...
The results are not only a less messy behind-the-scenes A/V setup, but overall, the HDTV now has more breathing room away from the other components. The monitor is also now correct viewing height, where before it was too low for the viewing distance.
And of course, the keen eyed and safety minded will note what this couple has done is actually not to building safert code. Allison recognized this issue after completing the project, but sort of brushes off the issue:
"Code says you can't run the power cord through the wall. I think this is ridiculous, but apparently it's the code. So, if you want to follow code, hire an electrician to install a plug outlet mid wall next to or below the mounting bracket and plug your tv in there instead of dropping it through the wall. This is the official rule. Personally, I see absolutely no risk in putting the cord inside the wall, but attempt this at your own risk."
In either case, it's hard to argue with the end results: a much improved home entertainment area of the home. But take our advice and consider hiring a professional installer for in-wall installation; you can always using a paintable exterior-install cable guide to avoid running wires and cables inside the wall (the renter's option).
Check out the complete project over at House of Hepworths' "Mounting your tv to the wall and hiding all the cords".
(Images: House of Hepworths)

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Much cleaner from a wires standpoint. Good job in that regard.
My only concern is, in terms of sound quality, you took a step backwards. Placing speakers on the floor kills stereo imaging and clarity. While I'm not a fan of them, a soundbar (plus the existing sub) would be a good solution. Sound bars are better than the built-in TV speakers, and are wall mountable. That keeps the look clean and moves the speakers closer to their ideal height.
Just a thought...
Ridiculous or not, its a bad idea to promote code violation with high-volt. This is the worst kind of DIY to endorse. If you don't want to hire an electrician, buy this power-extender kit
http://www.amazon.com/Datacomm-45-0023-WH-Recessed-Pro-Power-Straight/dp/B00193QP92
For around $50+ you can run power and other cables within the wall. Its easy to install, (no electrician needed, just basic skills) it looks professional, and is NOT a code violation. Also, you might want to think about mounting your speakers as well, or at least put them back on top on the console. Visually and sonically, the current position is going backwards.