nothing over top of the tv here, whats under the tv?is that a chair in front of the fireplace? maybe a picture on either side of the tv but its going to start looking too full in here, this is a small room with lots of big furniture. i would do something like this. is it possible to move the couch back a ways?

I think you should keep the interest on the same level as the t.v. and fireplace. Perhaps add some colour and/or light as the furnishings are very dark.

This is a double post.

love the shelf idea!

TRIPLE post.

I would paint that wall a darker color as a feature wall.

I would have a media console around it. I just got rid of one from crate and barrel. It's called the Tyler . It would go perfect in that space.