some acoustic panels can look very nice, they're made specially for decoration; sure they cost more, but you don't really need very many, and they make all the difference in the world for SQ.
Also, 1 in. thick panels are sufficient, no need to go all out with 4 in. thick ones.

in fact, i think that room treatment is at least as important as the speakers and their placement in a room.

See: http://www.blu-ray.com/community/gallery.php?member=Gelli
or: Axiom Gallery