Ok. Let's dissect that photo a bit.
I've got almost the exact same setup and mine is minimally visible (I'm a stickler for a natural looking aquarium) and once all the plants grow in, everything will be hidden.
First, the reactor 1000 (which I've got), doesn't HAVE to be that far up. It slides in the holster so that the top of the reactor cylinder can be almot even with the top of the tank. I've got mine plumbed with a couple CPVC elbows to form a 180 degree "return bend" since the inlet is on top and the out let is on bottom. This serves three functions: it reduces the height required for the plumbing, prevents kinked hoses, and allws me to adapt the reactor whatever fittings I want (5/8" barb in my case). This particular reactor hangs outside the tank (which is why I chose it), so it's basically completely hidden if you use an opaque background (I like black, blue, or off-white). The light strip sits higher than the reactor and it's plumbing the way I have mine set up.
Second, the powerhead is completely unnecessary if you plumb the reactor inline with a cannister filter or sump return line. I use a Rena XP3 cannister. Removing the powerhead also removes the "ball valve" and "return spout" in that picture.
Third, the bubble counter should be installed on the regulator. Though even if it is hung on the tank, it would be outside (just like the reactor) and hidden from view. My Milwaukee regulator integrates the solenoid, needle valve, and counter into a small package that hides easily under the stand and is easily serviced.
Fourth, the pH probe is really very compact. It's about twice the size of a floating thermometer. Mine is bright yellow and I can't see it because it's hidden behind a piece of driftwood.
Ovbiously, the tank is hidden under the stand along with the regulator and pH controller. The assorted wiring and plumbing can be a bit of a tangle, but it's still all hidden.
Check out
www.aquatic-store.com They have a nice selection of complete CO2 combos at very good prices. That's where I got mine. I couldn't find anywhere cheaper and the selection and service were great. Shipping took a week or two, but that's OK by me.