Well, I'm actually not too worried about heating issues. I'm just curious as to the look of the cabinet -- whether having an open-computer (eg. motherboard just mounted by itself on the wall) looks cooler than having a computer case sitting on the bottom of the cabinet.
That's never been a real issue for me.
Nobody has ever even asked to look INSIDE my cabinet.
I just saved myself all the trouble, and chucked my comp in--case and all.
I don't really understand the comment from Chris, that it's harder to work around the case, either.
I can pull my entire computer out the back of the cab (with wires attached) if I want to do stuff to IT.
I can also get it completely out of the cabinet by disconnecting a few wires, so that it's not in the cabinet at all.
This will let me drill extra holes, or whatever in the cab, without getting sawdust all over the motherboard/power supply/etc...
That seems much preferable to me in terms of ease of use.