HI -- The question is, are you fine with it ? I think it looks fine - but you maybe could have it a little bigger and a little more snug to the ceiling . I like that it is round but, I am not sure I like the way the light reflects on the ceiling. It's a tough call just seeing it only in a picture on the computer. I'm sorry this doesn't seem like much help , does it ?

Is this your only light in the living room? If so, I don't blame you for having doubts. Floor lamps are wonderful things: they don't need a table to sit on. THat's a small living room, but very nicely appointed -- just the right amount of furniture. A floor lamp behind or to one side of the chair (it would look more pulled together if it were pulled forward a little more. The front lets should rest on the rug.) -- and not a torchier -- would give you more ambient light. Use no higher than 60 watt bulbs.

Personally, I would change the ceiling fixture in favor of a different chandelier hanging a little lower, something that directed light downward instead of at the ceiling. I love drum shades, but I'm not sure they work that well that close to the ceiling.

I love drum shades, but hung this close to the ceiling, I think the fixture looks like it should be in a bedroom.
I'd select something that hangs lower, not as low as for a dining table, but because you have an ottoman beneath the area, you can go to about 6-feet off the floor to the base of the fixture. Selecting a flat-based fixture will help with clearance (as opposed to one that comes to a point underneath, as they take up valuable height!)
Here is one idea for the kind of fixture I think could work nicely in your living room. You can change the style of the lightbulbs to suit your taste, and I have seen variations on these at all sorts of price points. I'd stick with a dark finish, like oil rubbed bronze or black.

http://www.lumens.com/uu148404/product?ad_id=houzz&utm_source=houzz&utm_medium=cse&utm_campaign=houzz&utm_term=Revolution Chandelier by Forecast Lighting

Hope this helps you!

I think the drum shade is fine in this space. It's probably not my first choice, and it does seem overly close to and directed on the ceiling, but I don't think it is a serious problem. Whether you change it or not for a different kind of overhead light seems optional. But let me strongly second inkwitch's suggestion of adding at least one and ideally two floor lamps (or one floor lamp and one table lamp) to the room. I find overhead lighting very harsh and unflattering to a room. It's not good on the eyes for sitting and reading, and it is not the least bit flattering to the faces of people sitting. I rarely use my overhead lighting when I want to show my living room off to its best effect. I use only the floor and table lamps, each with medium wattage bulbs, which bring a warm glow to the whole room and make everything (people and furniture) look prettier. Only if I want a really bright effect do I turn on the overhead fixture, and then only in combination with the floor lamps to soften the effect of the whole.

I think you light is not scale to the size of the room, it needs to be bigger and in order for it to shed more light and have more impact then it does, I would make the light size at least 2/3 the size of the ottoman on the floor below it. Just my humble opinion. Lighting is everything, put it on a dimmer as well so you have options for ambience and brightness.

Thank you for your comments. What fixtures would you recommend? I agree that I will get other floor lamps as my primary lighting and only use the overhead when I need it. Would a ceiling fan be more appropriate? I would really rather get a nice fixture rather than a fan, though.

Because everyone has AC, ceiling fans are not installed as frequently as they used to be, and then only when it really enhances the decor or increases air flow (really high ceilings!). A light fixture would be better, and hung slightly lower as someone above suggested.

Floor lamps come in lots of looks

Whops, hit the wrong button. houzz has a lot of ideas. It can be really plain with a linen drum shade (drum shades are hot right now; in 2 years, you might want to change the shade as that is the focal point of a floorlamp). Avoid torchiers (did I say that already?) and multiple lights on a pole (tacky). A swing arm lamp in a nifty design would fit with your style.

If I were choosing a new light fixture to replace the drum shade light (and keep in mind I said before that I didn't feel you necessarily needed to change it), I might choose a very simple bowl pendant fixture in wrought iron or another dark finish to pick up the metal on your curtain rod. But that's just my particular taste.
I think you could make your drum shade fixture work very well for this room if you lowered it more, like this:

I think this placement makes the light softer and incorporates the fixture into the design of the room more effectively.