Theaterview seems to be attached to the main panel view. What I did is remove all of the View Schemes except the main panel and then redid it according to the media type.
Audio = Genre, Album, and Artist.
I tend to gravitate towards a genre first depending on mood, which is why I led with this tag, adjust to suit your needs.
Video = Description (I used the tags DVD, Video & Web Media), Genre, & Series
When I click on video, I wanted to see only the above categories. Now I see All, DVD, Video, and Web Media (FLV clips). It keeps everything nice and separate and when I go into DVD, I then see all of my genres of movies. Video has the same thing with an Anime section and then television shows that were recorded. Web Media is broken into where it was downloaded from via the series tag.
Images = Place & Event
This was the most complicated one to decide. It took my wife and I about three hours (we have over 3000 photos) and we finally decided on Place and Event to categorize our photos for viewing.
The main reason I removed all of the other panel views is that when I went into theater view I had those big yellow folders and honestly since this is how we watch all media including tv now (YES IT FINALLY WORKS CLEAR AS DAY--THANKS YAB!) I hated to see those yellow folders. There is probably an easier way to do all of this but it works for me and if I need to add more view schemes in the future it is but a right click away. About the only think I want to remove is the (ALL) category within theaterview or be given the option to hide it from view.