erm...
Really depends on your room layout.
Chase it out is so much neater, but a bastard if you want to run a new cable or replace a broken one.
Currently my computer room looks like this
two tone wall paper with a hand rail....
Abracadabra
Another Solution is to have a purpose built stand & dont wall mount it.
I was looking at getting a Solid wood base from somwhere & Have two or three steel Supports coming out of it running vertical, that would somhow attach to the LCD, the vertical pipes would be Chromed (cheap enough to get done) & big enough to run your cables.