Running the cables through the wall seems like the best bet and like Glass Joe said, the damage done to the wall from making holes for the cables wouldn't be any worse than the holes you're putting in it to mount the television. We had our TV mounted on the wall a couple of apartments ago but I never really liked it. It's difficult to get behind the TV and at the time I was moving my PS3 back and forth between two rooms. I'd rather just get a nice stand if the space permits.
Bookmarks