I wouldn't want it out in the open. Is there any way to create a small utility closet in that corner that could also house the panel?

Call your local permit department. Eventually you'll get someone who knows. (The panel can be moved if it really has to be, so don't let it hold back your plans.)

I assume you'll hang a picture or something over it--I simply can't endorse having it in plain sight. :)

You will have to leave a refrigerator sized space clear in front of it. No cabinets or anything else below it, and you can't enclose it in a cabinet either. You can hang a picture over it, but nothing permanant that would impede access.

Something like:
- Panel has to be on a clear section of wall 30'' wide
- Must be 36'' clear in front of the panel (no counter, no enclosing cabinet)
- No water or drain lines above the panel

Maybe you could paint the panel something other than battleship gray (?), but it isn't supposed to be ''disguised'' - idea is that, in an emergency, people (fire dept, etc) need to be able to find the panel and access it immediately.

I'm redoing my kitchen, live in NYC and I've been told the same thing as johnliu plus the panel must be under 36" so a handicapped person can get to it.