Just wondering if it's better to have more of an open concept basement feeling or if putting up all these walls will ruin the space.

I agree with GN...make a small utility room. It doesn't look too broken up, seems functional enough...but if you're worried about it, maybe you can leave the main area open and leave out that wall to the west (if that's west on the plan). The other two rooms I'm assuming are for something specific.

Open concept is always better especially in the basement, since you have support columns, and duct work, piping along walls and ceilings, etc, you lose space just by doing your typical blocking, trying to hide everything...
When you keep an open design, you can always find a way and break up spaces by doing knee walls with columns, etc instead of walls and by keeping most of it open, it creates a nice design and at the same time it will give you separation for different use of space without making it look and feel cramped.

It depends what you want to use the basement for. If there are no bedrooms, then don't have all those wall..Maybe if you want a media room, then you can have one room with a separating wall, but otherwise, I would leave it as an open plan.

The layout looks fine if you need a bedroom in the basement. It's nice to be able to walk around the staircase as indicated.

Great call on teh staircase - Have three kids...was planning on putting a golf simulator in that room but just found out that the I would need to dig down 6-8inches do accomplish it; so now I think we are going to lose that room and just leave it open; but now I need some decent design idea's. Gun room with secret door is going in the back right corner. Storage in the unfinished part. Just wondering where I should place / bar / tv / shuffleboard...idea's. I am a man without a plan at the moment ( minus the gun room)

Don't forget to add your custom Made in America shuffleboard table. They make a great addition to any basement. Looks like with this layout it'll fit perfectly in the center room. Check out our selection: http://www.houzz.com/projects/653046/the-balvenie-rare-craft-collection-veneto-shuffleboard