Both of ours are mounted to the wall. The mounts were about $40 to $80 based on the size of the television.
In the living room, the tv is mounted about five feet high. For the cords I bought the cover that you mount to the wall and match to your wall paint. (We have lathe and plaster walls so cutting neat little holes in the drywall isn't an option for us.) We had a taller bookshelf under the tv for the various boxes. Dh is now planning to build a metal and wood shelving unit that will mount to the wall under the tv with a tower section to one side. It's meant to house the electronics, fish tank, and lots of photos, books, etc.
We don't find the height to be too high at all. I guess because the room is big enough we're not looking 'up' at the tv in any significant way.
In our bedroom, the tv is about six foot high, we placed it where it would be comfortable for someone lying in bed to watch. We don't have any extra boxes for this tv. But, the cords are showing. I didn't bother to hide them because we're going to remodel that room anyway and we'll put the cords in the wall when we do.
I like having the tv on the wall. I doubt I'd ever go back to a standing television.