Better than words...

If anybody sits in that seat against the wall outside the speakers on a regular basis I would suggest the VP160 due to the better horizontal dispersion it produces. If the main sweet spot is the only real concern and you really don't care about that off axis position too much then go with the VP180.

Last night, after a long session with some old friends, V4 came to mind.
Think I'll save my pennies and see what happens.
I'm even considering a second matching center while I wait.

What about another M80?
It would have to sit 4-6" off the wall and the TV would cover the top tweeter.

I've never heard the vp160. However, my vp180 is a phenomenal center. I do watch mostly from the "sweet spot", or the seat immediately on Each side (same couch). I don't think you can go wrong with either one.

Also, vp180 is rear ported too so same rules about wall offset apply.

I will be installing it in a cabinet but will leave the rear of the cabinet open.
This should be ok, right?
I have considerded the in cabinet model but I'd like to have the option to stand mount it on its own if/when I get into a larger room.

Yes, as far as the rear ports are concerned. It should also be kept in mind that speakers shouldn't be recessed into enclosures and if possible should extend a fraction of an inch in front to minimize reflections and refractions from enclosure surfaces.

I though you might be ignoring me.Its been a while.
Whats the worst case scenario if I was to install it in this manner?
Keep in mind the stand will be built to fit the speaker exactly. Not so much the depth but it will have very tight tolerances.
It will protrude out the front.

You could still use the in-cabinet version and if you ever wanted to run them out of the cabinet you could easily add a veneer or paint them for a nicer finish.