I think it would be a great idea. It's always better when the TV and fireplace are at opposite ends, with the TV as a sort of secondary focal point--lets the fireplace dominate the room, and be the thing you gather around (instead of a room dedicated to the holy shrine of television, gather round and worship y'all).

I would move the chairs forward from the wall a bit so it doesn't look like you're going to crack your head on the TV when you sit (even if you're sure you won't)--helps to divorce the TV from the chairs a bit. More importantly (especially in a traditional decor), I would put a very simple frame or box around the TV, so the tv sits in a bit of a niche. That way, people aren't looking at the cables and mounting hardware, especially when they come at it from the side.

Ok, great advice - thank you!

You could also put doors on the tv box so you can close it away when you aren't watching it, plus you could store remotes up there too then and the door would hide the 'clutter' of remotes or whatever else you may put there

I once saw a show (HGTV?) where the owner had somehow placed a wonderful piece of artwork right on top of the hanging flatscreen. It was a picture, and it was something visually incredible to gaze upon when one was not watching television.

I love the ideas to cover it while no one is watching...I'm not sure if my husband will go for it but I'll try. I definitely want to frame it in though. Any thoughts on type of table/shelving for the TV elements? (Cable box, BluRay)

Since you have a large wall where the TV will be mounted, make sure you do a nice art installation - perhaps using black frames so that it blends better. I love the idea of having the TV be on the opposite wall from the fireplace.

Would you do several pictures on each side or one larger one on each side of the TV? Hang them even with the TV? Filling large walls is very difficult for me to envision...

I would avoid filling the wall with other framed art. The objective is admirable (make the TV just another square in a wall full of squares), but it never looks right, mostly because the pictures are flat on the wall while the TV is a good six inches out.

Instead, fill the wall with things in front of it. A large vase on the floor next to the chairs, with tall (six foot) twigs, a sculpture maybe, or just a collection of white birch branches leaning on the wall. Maybe a large wine rack. (Of course, all depending on your taste and style.)

As for the blu ray and other components, I would make the table between the chairs a square cabinet, with either open shelves or wire mesh (so the infrared signal gets through). Or if you want to get REAL fancy, put them wherever you want (another part of the room, or even another room altogether) my here are tiny infrared relays that you'd put near the TV, and will relay the signal when you click your remote, to the distant component.

I like others' suggestion about art in front of the TV, but this only works if you're like me and don't watch TV a lot. Otherwise, it's always open and the tv's out anyway. I would avoid cabinet doors, though, UNLESS you put it all in an armoire (components, tv, everything). Otherwise, just doors hanging in the middle of a wall looks like a meeting room (where you flip open the doors to reveal a whiteboard)

"My here" = "there"

I like the idea of TV on wall opposite fireplace. I agree with jpp about moving the chairs out from the wall and perhaps angle them in towards cocktail table.