Consider this Houzz idea.

http://houzz.com/photos/898576

Here's a couple shots in the dark:
1. Add a group of 3 or 5 above the TV (plates, pictures, mirrors, whatever), and maybe one on each side of the TV (?). This could be a symmetrical grouping or an organic one.
2. Try this, if you have the energy: shift each bookcase to the outside, and move the bench all the way over to the right bookcase. Add a tall floor plant left of the bench and TV, and add a basket of blankets on top of the bench on the right.
3. Shift both bookcases and the bench left. Hang a vertical group of three left of the TV. Add a tall floor plant right of the bookcase near the drapes.

Wow! Such great ideas. I never would have thought to move the bookcases and bench off centre with the tv. I'm going to try 2. and 3. and post a picture when I'm done.

I also have an idea, and this one is really simple! (: I think you need more color, so why not get a pretty art piece, and hang it over the tv? All you would have to do is find an art piece you like (probably nothing to expensive) and put brackets over it, and then hang it over the tv. But if you do use your tv all the time then this might not be the most practical idea.... I will attach a picture below of someone who did this! (:

plenty

How about painting the tv wall dark charcoal or black? The tv will "disappear". I'd even leave the bookcases white- except paint the back wall of the bookcase black too.

I would find a couple of low-sitting plants that you like, something green, something that doesn't need a lot of direct light, potentially some draping ferns and put them on top of the bookshelves! They'll draw the eye upward and they'll add a little green pop! I also totally agree with making the tv "disappear" into the wall with a charcoal or black. It is a great background for watching, as well.

I tried an arrangement that I had just sitting around already. Also moved the bench and shelf. Love the idea of three pictures on the right but need to look around for some I like I'm going to paint the wall charcoal, should the frames be white? How does the change look so far?

A better angle

I like it! With the paint and the art (and white crown moulding??), I feel like it looks more complete.

I love the idea of a basket with blankets on the right side of the tv bench. If I do that can I still put a group of three pics on the wall above it?

I would think of painting that back wall an accent color. It also feels a bit off center with the one plant and offset table.

...painting it the darker color (even black) will help the tv disappear. As for the pictures you would like to hang, why not use colored frames

...

I don't know, try it and see! I think it'll depend on what kind of basket you use for the blankets (height, shape, and color). If it's a substantial-looking basket/blanket arrangement, you might not need the art. You don't want to overload the wall.
I think the arrangement so far looks welcoming and organic, and the blankets will add to that feeling of comfort. There was that ideabook recently about the one question, "how do you want your house to make people feel?" - do you feel like you've answered it for this room? 'Cause I feel welcomed and relaxed. I'd like my living room to feel like that.

I think you should move the shelves in to be closer to the tv. I think it would look better than having them pushed to the wall like you have it now.

I don't like the TV between the shelves at all as it looks like you're looking down a tunnel. I would move the TV or shelves elsewhere. I suspect you're doing this based on seeing TVs hung over fireplaces with built-ins on either side which looks fine as the TV and shelves are all at the same place depth if that makes any sense. Here's an example of what I'm talking about, and why I think you aren't happy with the way that looks together:

The TV could be bigger, that would help. Then remove both end units look like they belong in a kids room. Instead go to Ikea they sell open wall units. In dark wood. Should go to ceiling or pretty close. To look right. Paint that wall 2 shades darker than other walls. In opening. Just a few items don't try to fill every cubby. Fill with pots in various size and shape and color. Plus any item that will work TJMax a great pl for this. If you can add 2 more medias like you have also Ikea. then put wall unit on top of them to fill up to ceiling.

The bookcase would look a lot better without so many little light weighted things in there. Try some big dark red books or boxes, then change out the picture to something with an interesting frame and not a white background..

Are walls gray, hard to tell if so could paint that wall charcoal, for a dramatic look. And get white wall units.

i dont like the console off center, i would paint or get a white one that has similar similar feel as the shelves. no vase with twigs. there is a lot of black and white, and nothing to really focus on. you need a punch color to accent with less is more on the shelves and some pretty colored glass would look nice. also there are recessed lights above the book case so im not sure why you need the two arc lamps on top off them too.

what about some actual books in the book case? a vintage dresser could make a nice console here too.

Ok, so yes, if you had all the money in the world, replace everything with bigger/fancier stuff and hire a designer to style it all. If you can't afford (guys, playpen, bouncy seat, she has a baby! who can afford all new furniture when they've got a baby?), you've got to get creative and try a little of everything.

I think this is a good direction for the space, but you can't please everyone. Keep going, keep trying, you'll find your sweet spot. Do Not be pressured into buying all new stuff if it's not in the budget.

I think the room needs a little more color. When I get to work, I'll do a quick retouch to show you a couple ideas.

Okay, here are a few ideas. I think you have a nice looking room under way. I like the clean, simple vibe you have going. I'm not opposed to monochromatic rooms, but, in your case, I think you need a little color via an accent wall. And maybe something above the TV; however, I'm not convinced that's needed.

One more thing . . . I added crown molding in the photos above. I think it would really help to make your room stand out.

Try not off centering the bench/media table and putting the vase on top of it on one of the sides and maybe adding something like a large decorative platter or bowl kind of off centered or on the other side.You have plenty of wall space for height and it will be a bit more symmetrical. Also, I would paint that wall an accent color of gray or if there is another accent color that you have in the room.

Thank you so much Heidi! I was starting to get frustrated by some of the comments as we definitely can't afford all new things lol! I really have appreciated your help:)

Do you have a fireplace? Adding an ethanol fireplace might help create the atmosphere you are looking for. Ethanol fireplaces are smoke and odor free so they require no vent and require no gas line or electricity so you can install one anywhere. A tabletop one might be best in your living area. Check out more at http://www.ethanolfireplacepros.com/tabletop.html
Here are some pics for inspiration

Not meant to send you shopping. But you asked what is Missing. Hence the comments. I suggested stores like Ikea, because you can get a lot for very little money. Sometimes it's better to leave things bare than to fill with furn that doesn't work. Good luck it will come together for you.

Do you like plants? I think they can make a room come alive and I believe all houses should have plants... if you add a couple of beautiful plant on top of each bookcase that would make a big difference and so easy. Plants that are easy are the pothos and they're also flowy and they hang, which is what you need here, they're very easy to care fore. Plus they clean the air in your house that you breath, a plus for sure.

I think your room is quite lovely as it is. You've done a great job. I think just painting the tv wall will be enough to squash the "what is missing" thought. Paint is a miracle worker. BTW...how you style the bookcases gives visual balance as well. The general rule is 1/3 books (up/down), 1/3 objects and 1/3 empty. Here is a sample of art, books and objects visually appealing,

Thank you so much Sandkshouse! I absolutely love what you have done with the picture. I have been so set on painting that wall gray but now I'm in love with the teal (especially since I have teal accents everywhere). Do you think it's ok to paint that wall the teal as an accent wall and paint the others a medium to light gray? Here are some photos of the rest of the house. It is quite open concept so it's difficult to know whether or not I should stop and start colour in different places or mostly paint the same throughout.

Thanks for all the great comments and suggestions. I really so appreciate your time! Here is a pic below where I have moved the two shelves back in closer to the tv, centred the bench and added a basket with blankets.

Slightly different.

It looks better since adding some color, but I feel that painting that wall an accent color like the teal or gray that Sandkshouse suggested would give the room what it is missing. I feel this room is too white. All white can be done, but it is not suiting in this circumstance. I think you can keep the walls the cream color and it will look great.

It's looking great, but I find the vase with branches somewhat distracting. I don't mean for you to clutter up the top of the console, but you can add another basket or something beside the branches (on the console) to balance the weight of the objects on each side.

I think the tv cabinet is too low. Try "raising" it by putting a heavy piece on it. See candles and holder in this photo to get an idea.

http://houzz.com/photos/876029

I'm liking the second one with the vase on the floor. I think painting just that wall teal will look good, like in skshouse's example. Once you've got it painted, take a step back and see how it feels...you might be happy with it at that point. I have a feeling, though, that a medium-sized potted succulent might want to live on that console table, too, over next to the sticks. It's looking good!

Yes, dark is better! I love black that fades the TV away!

It looks great!!

That looks great nicoledowner. If it's not too late to add a little something to all the comments, I suggest you add a little white to the darker area of your space so that the tv area relates to the cabinets on your focal wall. You could try simply changing the sticks to a light color or add a stack of 5 thick light colored books below the left side of the TV. Avoid using small knick knacks between your TV and the entertainment unit below. One larger grouping or piece is best. Bringing some black onto the coffee table would also tie the black into the room. Maybe a pop of color using some coral cushions?

I have been watching your thread and you have done a great job ,I was just wandering ...mind you I am a creative thinker...what if you took your white coffee table and put it under the tv and pushed the side cabinets up next to it and used the piece under the tv somewhere else or as a coffee table ,just try it ,I think it might give you the look you want BUILT IN ... Then get some baskets and place them under the white table for media storage,please post a pic if you try it ,never hurts to try

Also I recommend scooting your sofa in towards the rug some ,can't wait to see pics ,and I am so glad you use what you have.Using what people have is a great place to start.

I love the new paint color!!!!

Wow the dark teal is perfect! Ties the whole room together, congrats and enjoy

Loving the paint colour. Great work!

This room is gorgeous! I'd still suggest a couple of low rise plants or natural elements on the top of the book cases to continue the vision to the ceiling. I found that my eyes want more when I get to the top. A pop of green and/or yellow up there would be so charming.

Wow, this looks terrific! I really like the new paint, it kicks the room up a couple notches.
I think this looks just about complete, but I will add one more idea...antique piano lamps (I'm sorry, this will be my only suggestion that includes buying stuff!). The directional lighting on top of the bookcases kind of gets lost in the magnificent teal, and I was thinking some old brass with nice patina would look stunning against it. This would be one of those things that I would add to the back of my "hunting" list and just see if I happened to stumble across it. But again, you definitely don't need it; this room is looking pretty darn good!