In many of the homes in the neighborhood where we grew up, television was the center of the public spaces. All seats in the living room faced the screen. A small set was always visible from the dining table. Today, we're constantly working to cover the things up, reducing their impact on space, and life... We have one small television at home and it serves double-time as our computer screen. It's wall-mounted and is located in one corner of the living room. We made a concious effort to de-centralize it. Where is your set located? Is it important to you to shift the focus away from your television or are you all about the home theater experience?
Of course, the living room layouts we like most have no television set at all. For inspiration, check out the 9-step television diet at Think Simple Now.