Are there any guidelines for how high on the wall I should mount my 50" plasma? Would it essentially be just high enough to clear the stereo cabinet and VP150 mounted underneath it, or even higher than that?

Bob, I don't know if there is a formula to figure this one out. I would put it where you feel comfortable looking. I'd rather have it lower than higher.

I agree. I have a 50 inch plasma, and I believe my stand is about 24 inches high which would put my tv about 30 inches off the ground. It seems to be just about perfect for me. Its right about eye level with me when Im on the couch. If your hanging it on the wall You may want to raise it up just a tad though. Ive alwasy been told that the TV should be at about eye level.

Bob, the only guideline I have seen is to mount the TV so that the middle of the screen is eye level in relation to the sitting position.

On the other hand, I mounted a 42" plasma above a fireplace and my 58" is a bit above eye level so I can see it in "full recline" mode.

Bob,

For projector displays, the rule of thumb is to have the lower 1/3rd of the display at eye level to avoid neck pain. Average eye level is 36" or so depending on your furniture. So if you had the bottom of your 50" display at 30" or so, that would be fine I think, YMMV.

I think having the TV half way at eye level is not realistic because the bottom of the TV will end up being only 13" from the floor

As Ray stated, eye level is the guideline. I've done that on 2 installs and it works the best.

My in-laws wanted it above the fireplace. I told them that although that's more aesthetically pleasing, it's better viewed at eye level. After the install, my father agreed. And he's not an audio/videophile in any way, shape or form.

Sometimes other considerations will mean ignoring the "rules", though...

I have a window behind my couch, and a slightly lower-than-recommended height keeps the direct reflections off the screen. Any ambient light is a consideration, but think of the monitor as a mirror; the angle of incidence equals the angle of reflectance!

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Are there any guidelines for how high on the wall I should mount my 50" plasma? Would it essentially be just high enough to clear the stereo cabinet and VP150 mounted underneath it, or even higher than that?

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From an ergonomic perspective, you do not want to be looking at any amount of an upward angle for too long. It will cause neck strain.
The best height is the most even height to where your eyes will primarily be focusing.