You could also look into wireframe shelving.
It'd be best to find some that has wood shelves, open back and sides, and good stability (not those $10 crap metal shelves). You can find 3shelf varieties a bunch of places on the cheap. Mine stands about 3ft. up, has 3 shelves, and was about $25 at a Kmart. Good for the fengshui, and able to hold 5 consoles easy.
Since it's open, you don't really have to worry about heat, you'll be able to see and work on the wiring much easier, and it's much easier to dust (important for PS2 and Xbox).
I have wireframe stuff for my consoles and for my computers. Never had a problem yet.
For game storage, I just get the metallic black wall-mounting wire bits ($9, Walmart) and a small sidecart ($12, Kmart).
It's takes up poster real estate, but makes it a breeze to find a game.