Since it's a very large area, I would divide it into sections. In one section, the fire place would be the focal point with perhaps one of these TVs over it:
Mirror TV - Frame your LED, LCD, or plasma television .
Another section might be a game area with a table and chairs. And aother an office area with desk, computer, etc.
And there could be a non-TV seating area just in case people ever want to just visit and talk to each other. (Probably VIA cell phones these days LOL.)