I know you probably spent some time getting to this stage, but there are just too many small items and sconces are really better next to mirrors, paintings or fireplaces. I would place the tv on the table and add a thicker and longer floating shelf above in a light wood to match the table top and the wall will be much more modern - try to limit lots of little items - bigger and less is more impactful. Hope this helps.
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You know, everything on this wall is too small compared to the TV's big black self. You need to balance it out with larger items surrounding the TV. Here is a DIY idea for you to think about.

The TV is sitting on a cabinet that is about the same width as the TV. like yours. What is different is that all of the art pieces surrounding the cabinet, coordinate with the cabinet - leaving the TV as the star.

So, you could paint the wall a wonderful color taken from something in this room like a rug or piece of art, for example. Then, arrange several similarly framed pieces around the TV and create your own gallery wall. Be sure to hug the TV with your pieces.

Under the table/desk, place a cube ottoman or pouf for extra seating.

Too much going on. Too many little curly things. You don't need sconces. Look for an old dresser or buffet at a flea market and use that to anchor the TV and hide all the dvd and cable stuff in.

Think bigger for your furniture and accents. Too much little stuff looks messy and busy.

Good advice so far. Too many small things. We need to see a larger photo, but I would recommend:

-remove all the items, including the sconces
-tv hung close to the credenza
-shelf above tv that relates to credenza as in Eichler Living Room
-a few items on the shelf.

I forgot to say that I am getting a fireplace for under the tv. I really do not want the tv off the wall so with that being said I would like some advice on the rest of the wall. Can I put a larger more simple scounce beside the tv? But then what else to do? I appreciate all your help & advice!

Thanks. Need more information:

What is the height and width of the fireplace?
What is the width of the tv?
How high is the bottom of the tv hung?
Are you willing to lower the tv on the wall, if needed?

.When selecting your fireplace and cabinet, try to find one that comes up close to the bottom of the TV. If you do not do this, you will end up with that awkward space between the TV and the top of the fireplace cabinet. Not much you can do in that area and it becomes an unattractive void.

The gallery is one of the best ways to handle the rest of the wall if you do not want bookcases, etc. Of course you could use one bookcase with art/photos on the other side of the TV. A tall artificial or real palm would fill in too. A pair of chairs on either side of the fireplace might help fill in the area. Without more pics, it is impossible to send along more ideas.

TV heigth from bottom is 48"
TV Width is 42" so it is probably 44" total
It might be difficult to lower but i can if I need to.

Thanks for the measurements!

So, I went to Overstock and looked through the fireplace cabinets and did not find any that are, say, 47.5" tall. Most of the cabinets were 42" high. These would leave a void of about 6" between the bottom of the TV and the top of the cabinet. No big deal if you don't mind this.

You could find one you like that is about 36" tall, get a stand for your TV and set it on top of the cabinet.

Thanks Sandy and Patty!

With a gap of 6" between the top of fp and bottom of tv, that is not too bad. You could fill in the gap with something. Ideally, though I would lower it.

You should be aiming for a clean look as posted by Maureen. A shelf above the tv is ideal. Then something clean on the shelf to draw the eye up. It could be 3 narrow, vertical vases.
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