The wall color on the left in the breakfast nook is by Benjamin Moore and is called Solitude AF-545.

Love the. Colors! Doing my basement was thinking of a color scheme like this, would it be to dark? Ceiling height will vary from 7 ft to 8 ft.

What is the material on the recessed ceiling area in the living room? Is it tongue and groove and how is it treated?

It is an MDF sheet, with a "v" groove notched into the panel every 6 inches to give it a T&G appearance.

Do you happen to know the brand name of the MDF sheet or where I can source it please? It's great - looking.

I am not positive, because the GC picked it up but it was similar to this at Home Depot... http://www.homedepot.com/p/Unbranded-3-4-in-x-2-ft-x-4-ft-Medium-Density-Fiberboard-1508112/202089064
I think that it was 5/8" - 3/4" thick enough to allow for the v groove.
Hope this helps!