I don't see anything wrong with that arrangement. In fact check out the picture of my set-up...
You'll notice there isn't a whole lot of difference between yours and my set up (remember those are M80's in my picture, which are 2 inches taller than the M60's in your sketch... oh and I don't have a creepy teenager eyeballing my equipment), except that my VP150 is hanging from the ceiling ABOVE the tv as many on here have warned against. But I'm blown away by the sound, I sincerely don't see any problem with having the center channel above the tv (which in both my case and yours allows us to place the tv a bit lower) as long as it's pointing towards the listener.
But take this advice with this grain of salt... for I've never tried the center channel below the tv. So for all I know if I ever did try it down there, there is the chance that I would find it sounded 1000 percent better and would forever warn all others away from ever hanging their center channel from the ceiling above their tv's!!!!
But if you hang it from the ceiling first without ever trying it below the tv like me, then you wind up finding out what Cypher realized in the 'Matrix'.... "ignorance is bliss"!!!
Thanks for the advice, didn't think about placing the speaker above the ceiling, I'll have to play around with the mounting location once I actually get the TV...lol. The sanus, came with extensions so it seems like it will be pretty flexible.
Had a contractor out to look at the fireplace today, looks like I will not be able to mount the sheet rock right over the brick like I wanted to. So opted to cover it up with a dark slate and silver door insert. I'll then build some columns and a mantle on top for the speaker. Add some trim and paint and it should look pretty decent.
Got some of my wiring in today from Monoprice, still waiting on all the wall plates from smarthome.com. Oh well I can at least run some of the wires this weekend. I should prob run it through conduit while I am at it. Wonder if home depot has it. Oh buddy of mine is also wiring up the alarm system for the house, busy day tomorrow!
Oh started a thread over at the AVS forums too, for some reason though the thread here is getting alot more attention :).