Not sure what others on here prefer BUT...
In my upright 4p, i gutted the original power supply, minus the external connector and the switch lines. I cut the end off a power bar, and wired it to the mains switch from the (now empty) stock power supply. What this accomplished for me, was moving the switch for the power strip to an already existing switch, and saved me having to perform a lot of rewiring.
From the power bar, it goes to a standard (ATX) power supply, the Isolation Transformer for my monitor, and the marquee light. I wired up what i like to call a "power distribution block" that gives me a few outputs for 5v and 12v. This gives me plenty of options for cabinet accessories (coin door lighting, ambient lighting, etc. etc.)
My speaker amp was taken from a 5$ pair of USB speakers, but I wired them to the existing speakers in the cab. No need for the big fancy sound systems that people put in their cabs. It's gonna be either me playing solo, or if we have guests there's always music on the main stereo anyways.
I power this speaker amp from the 5v line (via power distribution block, wired to a standard PC molex and then ATX power supply).
Like i said earlier, my monitor is plugged in to the power strip.
The only caveat to my design choice, was that if i were to remove the stock supply, it would leave a decent sized hole in the back of my cabinet. I went for the stock appeal.
YMMV; if you don't have any panels of your power supply exposed (such as my cocktail, the power cable runs up a hole in the bottom of the machine), you might consider something like the following:

Googling "IEC-320 switching Inlet" finally found me this picture. Perhaps someone has a source for such a device?
Edit: My brother has informed me the correct terminology would be an "IEC 320-C14 power entry module"