I think it's probably not very functional since TV shapes have drastically changed. Unless the armoire is gigantic, it isn't going to fit most modern TVs. It also takes up a huge amount of floor space that is no longer necessary. So the appeal of that depends a bit on how large your house/room is.
We have one TV wall mounted in a first floor family room. It's super thin and while it is sort of a focal point it's okay because this is the room where we actually watch TV. We have another sitting on a cabinet base in the basement rec room. Both are about 50-55 inch TVs. We don't have one in the living room. I like the wall mounted one the best.