I would say just get some power/video/audio extension cables so that you can hook up your consoles on your coffee table instead of at the TV... just make it easier to switch them out instead of having giant piles of cables stuffed away where you can't get at them.

If you're absolutely set on having everything hooked up, and you're worried about sparks or power drain, just turn off the power strips when you're not using them.

--Zero