Having a TV and,or equipment racks between the speakers will really destroy the soundstage. If you have everything set up in an arc in front of your seating area, chances are the sound reproduction will also seem like the musicians are standing in that arc. If you can eliminate the clutter of racks, TVs etc, you will hear much more depth to the sound. For example it may seem like the singer is 6' away in front of you with the drums "behind". The other instruments may seem 8' away on the left and 10' on the right.
This is the major comprimise of having all in one systems. A front projector, as suggested above, is a great improvement.