Put down another vote from me for #2. Just looks better to me. The AV components together are physically and visually "heavier" than the TV, so I think they ought to go on the bottom. Just my opinion.

M80v2 | VP150v2 | QS8v2
SVS Pci+ 20-39
Emotiva UMC-1 & LPA-1
M22ti + T-Amp, in the Office