Go for a separate wall
Ours is plasma above the fireplace. Because it is plasma, there are no issues with picture clarity from any angle, but it is still uncomfortably high to watch. The tilt suggested earlier could solve that issue, but I don't know for sure. With LCD, I'd think height would be a bigger issue since angled viewing is sometimes unclear.
The other thing to consider is where all the peripheral equipment goes and how easy it is to get to the connections. Ours is set up so that the DVD, cable box are below it (we didn't want unsightly cording stretch from the wall recess out to the fireplace front, but we couldn't place above the TV otherwise we wouldn't be able to reach, and no other place built in the wall for them) thereby raising the TV up that much higher (8"-12").
And finally, with ours, all the connections are in the far back AND in the very center making it essentially impossible to switch off any peripherals without major effort pulling the entire TV out of the fireplace recess...major pain. So we never use this TV for gaming or other things we would occasionally put on this TV. This would not be such an issue if the jacks were close to the edge on your TV....or, ideally, in front!
If it were wall mounted elsewhere you could reach the jacks, put it at the appropriate height, and if you are building now, either build in small recesses with predrilled holes thru the wall near that area to house the peripherals, or predrill holes around the TV to come out below or to the side of the TV so a nice small cabinet can be purchased to house all the other electronics and keep most of the unsightly cabling hidden in the walls. Do make it close and large, thou, so fishing for wires is easy.