This was a problem I always had as well... the other problem was also sending power to it too!
What I imagined was a hard top coffee table in a half circle shape. It had compartments along the curve of the half circle for placing my video game consoles and then on the other side was a door that opened to a cabinet area for storing controllers and access to all the cabling. The cabling would then go into a switch box mounted into the coffee table and the buttons are accessable on the top side of the coffee table in the middle with a bit of a cork display area around it for placing remote controls and also lowering the chance of people placing there stuff there and screwing up the switch box.
The switch box would then all go into a VGA upscan box OR Component converter box. These cables would then be sent towards the TV in the most nonintrusive manner. I always assumed I did this in a home I owned so that I can send the wires through a conduite under the floor boards. But alas most people probably don't even want to do this in their own purchased homes.
When I was 16 and lived in my parents garage my stereo and computer (which I sent video to my TV from) were on the other side of the room from the TV and video games. I used these rubber floor things that hid wires (used mostly in offices) and hid them under the floor rug I had. I left a light bulge under the carpet, but nothing bad and it protected the wires if someone stepped on them. You know, like these things:
Anyways here is a MSPaint rendition of the coffee table.
I also sometimes thought about making some compartments drawers on the front. Placing them in aesthetically pleasing places like maybe the top far left and right compartments. Then the one diagonal down to its respective right or left. This would look nice and be very functional. You'd need to be a carpenter though!
I know me and how I am and I would go all out on top of it too. I'd add a small halogen bulb, permanent powerstrip/surge protector into the wiring compartment. I'd also add extra A/V inputs next to the switch box on top of the coffee table for quick access (like a GP2X and it's TV out, or a friends console he brought over). And knowing my uber geekiness I'd build a small linux thin client into it with a keyboard and mouse on the coffee table along with a DVD rom mounted up there for movies and web surfing from the couch. (the thin client would run off my Linux LTSP server... yeah already have one)
I'm lazy... eh whatever.
