Use smoke and mirrors. Well, in this case, really just a honkin' big mirror that will trick the eye into thinking the room is larger and more open.
Mount the television to the wall. Eliminate the need for a piece of furniture to plop it on upon. Work with a carpenter and an electrician to create a niche in the wall for the rest of that pesky electronic equipment.
Put your backs against the walls. In a long narrow living room, try leaving the middle of the room as open as possible. The rug and light fixture help balance out the look so it doesn't really look like everything is backed against the walls.
Don't give up on the idea of a sectional. You'd be surprised how well your room could accommodate a small sectional. Here a light neutral color practically blends into the wall, keeping it from looking like it's eating up all the space in the corner.
Replace a table lamp and side table with a floor lamp. It's a great way to save space and add a vertical line in the room.
Consider built-ins. This type of shelving can wind up taking up less room, especially when it's recessed into the wall.
Extend the view. Keeping the curtains open on these wonderful large windows extends the space via the view.
Consider clear furniture. Glass or lucite coffee tables, consoles, end tables and even chairs leave more visual space open.
Arrange your furniture around a round coffee table. You won't be as likely to bonk your shins on edges, and your furniture will have a radius.
Use a rug trick. Using a small area rug and centering furniture around it can give the illusion of more open floor space. This dark rug against the dark floor keeps it from looking like a postage stamp.