It could be simplified but for me if also depends on the look feel you are trying to achieve.
You could do this mechanism with in an angle poise lamp style with damped springs.. you could do it with a larger solid alu pivot on a cam.
So you need to think about the aesthetics of the piece and then work out also the space constrains behind the unit (does it have to fit flush against a wall for example?). What weight does the loaded part need to be able to take? 15KG monitor or a 70kg Plasma? Is the mechanism lockable?
Just some thoughts for the brain to help the juices flowJ
Andrew