don't listen to chad when it comes to electronics, he'll just tell you it will break and not be worth the money

My entire house is wired with a custom IR distribution system, so I can give you some real-world advice. I like your idea of having what I call a "zero footprint" AV installation, simply a display hanging on the wall with all the equipment hidden away. It sounds like you're on the right track for getting source cabling to your display (from behind, or run cables thru the wall). It is against code in most if not all cities to run a power cord through an enclosed space, so for power I like to install a recessed outlet behind the display so even the power cord can be completely hidden. I generally install what is known as a clock-hanger outlet
http://www.kyledesigns.com/product/S3713-BK
to give some room for the plug, etc. Not necessary, but adds a finished touch.
as for IR distribution, the best solution is made by a company called Xantech, but there are several good options out there. you basically are going to need a simple distribution block with a single IR target, and multiple emitters (1 for each device you want to control). The emitters are cheap, the distribution blocks are reasonable, but the IR targets can be expensive.
Here's a good inexpensive all in one solution:
http://www.smarthome.com/83608.htmlhere's a much more expensive kit that includes a plasma proof IR sensor (why its expensive):
http://www.smarthome.com/81206bk.htmlhere's a similar kit with a standard IR target:
http://www.smarthome.com/8120kb.htmlYou can shop around and get better prices than smarthome - try worthdist.com but smarthome has a great selection and you can get a feel for how they work. You can also piece together a kit.
I would DEFINATELY stay away from X10 stuff for IR. I use some X10 stuff for PLC based control, but mostly have moved to other branded PLC stuff since X10 is so flaky.