For the concealed living room toy storage, consider something like this:
http://www.crateandbarrel.com/organizing-and-storage/buffets-sideboards/triad-large-sideboard/s567322
or this if your taster is more modern:
http://www.cb2.com/storage/furniture/saga-credenza/f5947
you don't have to get an expensive version, I bought a used mid-century sideboard similar to this off Craigslist for $200. Be sure to check measurements though!
Although it is bigger than the open bookshelves we had in there before, it is tons more functional and sleeker looking. Also thing the first one above fits a colonial house pretty well.
IKEA also has cheaper versions of something like this, but why I like this is that is hides the "visual clutter" that is all my kids fisher price crapola.