Use free floating shelves and mount the TV. Add a few baskets for hidden storage of games, DVDs, board games, extra pillows, and floor visions.. Free floating shelves saves space for music area/corner.
Let's face it. Gigantic tv's are here to stay. We recently traded up to a larger tv and placed it in our unused living. The space is much larger than the "family room" and provides way more seating for our family. I call the tv my husband's new wife! I love how this tv looks with the surround shelves and drawers. Practical.