Still, where are you going to put all the set top boxes or cables for the tv itself which would require at least ethernet, satellite/cable, power bars....
I "cut the cord" a long time ago, and use only a Roku and the apps on the TV. I will eventually add the blu-ray player back in.
All the suggestions given here are what I WISH I could do for the best sound possible. However, I think the soundbar with a wireless sub is the best I can do given my space. With the popularity of soundbars nowadays, it would be cool to see Axiom make one. I'll bet they could design something really awesome.
I would like to note that the Axiom system will be in a dedicated home theater in the basement as soon as it gets remodeled. It might be awhile though.