Direct sunlight does damage most carpet, drapes, and other materials. It may take years to see the damage but a simple decorative cover wouldn't be a bad idea.
We have a 40-something inch flat screen Sony Wega. It sits in our family room which has 2 story windows (12 windows all together). We live in the South where the summers will be extrememly hot and the sun comes pouring into the family room from about 1:00pm until 5 or 6pm. Are there TV covers or something like that to protect the screen? Is our only option to cover up the windows?