Yes - ugh! It's in a cubby that was cut out above the fireplace, and it's mounted on a swivel arm so that it can be tilted down slightly so your neck doesn't hurt looking so far up.
Fortunately we have a bookcase/cabinet right next to the fireplace, and my crafty husband has all the wires running through the wall into the cabinet section of the bookcase where all the satellite, dvd player, wii, etc... are hidden. He also bought some special remote that can turn it all on/change channels without opening the cabinets.
I really wish we had a gorgeous painting above our fireplace, but the big screen trumped that. Oh well, I got my kitchen that I wanted. :)