I think it should be on the wall, it will look nice there but be careful about the color of wall and TV look nice with each other.
I want my next tv to be attached to the ceiling so I can lay in bed and just look up and watch it. Good lord please don't let it fall on my head when I'm sleeping... or even worse... during that important moment in the show when they tell you 'who dun it'.
I have 2 LCD's, both are on a stand. It takes professional installation to put it on the wall, so it's supported properly. Besides it makes it easy, if you want to re-arrange the things in your house.