Hola! Just wrapped up a small improvement project earlier tonight and had a desire to show off my (modest) setup. Alright, this is kind of what I started with; Sammy pn50b530, Xbox 360, Bose 501s in stereo (should I put on a flame suit?), and a Sherwood RD-8108 A/V receiver (using it for audio only, 'cause it doesn't have any of that fancy HDMI, component stuff). You can see the old tube TV underneath the Foosball table (it was a Sharp 27"). Relatively spartan. Check the Home Depot Special TV stand! Heh. The cinder blocks are actually kind of nifty because you can put stuff in the inside of them, like extra cables or remotes or whatever. Also, I don't think it cost more than $15.
So, what to improve? I got rid of the tube tv, added some wall decorations (Arrrrrr, matey!), tossed a PS3 Slim on top of the 360 (not sure if that will last, the 360 is one of the first generation and puts out some serious heat - the Slim doesn't get too hot by itself though). Did some serious cable management and added a 6' rope light (add $6 for the stand; hey, its modular, man! :sneaky

behind the top board for some bias lighting on the cheap too. TV inputs/power wrapped up and disguised and I got some black foam board stuff (a paltry $2.50) to wedge behind the components to hide the cords and black out light shining behind them. My skills with a box cutter were pretty lacking, so I ended up using multiple layers to even out inconsistencies. I think it's safe to say it looks a lot better now, particularly the red plastic underneath the Sammy when the light is directly behind it.
The shelf speakers on the right wall are of indeterminate origin and age, using them for decoration (OK, and maybe I'm too lazy to try and hook them up as back speakers or something - I don't even know if they're any good). The subwoofer is an infamous JBL PB12. The speaker works great, but the amp/backplate failed, as is apparently common for this sub. It still produces thump, but I guess it doesn't have enough consistent/quality amp power to produce a clear sound. So it goes *thump* *bfffft*. Sounds terrible. I'm vaguely looking for a new box for the speaker or maybe a replacement back plate amp.