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Beefing up your architectural molding can go a long ways toward making your rooms feel richer. Wider crown moulding, taller base moulding and box trim can be added.
Here's one of my favorite tricks: Install a thin piece of trim several inches below your existing crown moulding. Paint the drywall area between the two trim pieces the same color and finish as the trim. The bulkier your trim molding, the pricier it looks.
Throw pillows that are 18 inches or less can read store bought. Search for or have larger pillows made for your sofa — you'll make the whole look of your living room more high end.
Overfilling your pillow covers helps too. Stuff 24-inch down-filled pillow inserts into 22-inch pillow covers for a more luxurious look.