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Make a 3x4 board. 1/2 inch top. 1x2 battens to create a void on the bottom. Repeat.

Get a set of these.

http://www.rockler.com/folding-game-table-legs

And a couple pair of mortise style leaf hinges.

Mount the legs so they fold into the voids on the bottom of the play surface. Mortise the hinges into the batten between the two boards.

Mortise a second set of hinges into the top of the board that goes on the wall.

Hang and done.

Should protrude 3" off the wall when closed, and no legs to be stored. When open, everything should open up nicely.

If you want to get fancy, you can use a SOSS style hinge at the middle fold and get away with only two legs. Those hinges provide a positive stop and 0 clearance while still allowing a 180 degree bend.

For something more modern looking, consider a fancier leg as opposed to the utilitarian one I linked to.

http://www.tablelegsonline.com/elliptical-folding-leg.html

You can also follow up the motiff by using extruded aluminum for the edging. Lots of profiles, not too expensive (cost a bit more than 1x stock though).

The SOSS hinges would definately add to it. Those hinges just look neat, and although they have been around for years, most people are unfamiliar with them.

You can finish it out with a shallow set of shelves around the table for storing figures. Same depth as the closed table might not seem like much, but 3 or 4 inches deep for the shelves will allow a lot of storage.

On the lines of sight against the wall...mirrors are your friend. You can go ahead and mount a full sized mirror on the wall where the table mounts and then when it is down, you can sight off the mirror. Also makes for more impressive photos. Everything will look twice as big.

Of course you will want to finish the top something reasonably attractive. Folding it up out of the way is only half the issue. If you play space based games like X Wing, a table sized space image would serve well as an attractive picture when closed and a functional board when open. For other games, you would want mattes or tiles to cover the table.

Just top of the head type thoughts though.