Agreed, people tend to hang these TVs too high. Just my opinion, but when your sitting down, the bottom edge of the TV shouldn't be above eye level.
Also, hiding the wires is pretty easy as long as the components are going right below the TV. Just drill a hole behind the TV and then another directly below it behind your component cabinet. Or if you have access below, such as an unfinished basement, you can run the cables pretty much anywhere with little effort.
I've done quite a few of these installs for friends and family. Its not bad, just make sure you hit the studs and the bracket is level.
Wall mount is good, especially if you have kids - it keeps the tv up a little higher/safer. Its also cheaper to buy a bracket vs a piece of furniture. On the other hand a wall mounted TV isn't the novelty it used to be and it can look pretty cool not hung up. FWIW