Love the wood floor and the wall color. I would contiue the color up past the trim.
What you need, it seems, are some window covering (looks like a fantastic view) and an area rug. A chair, some tables (sofa, end and coffee) and lamps are needed, too. See these rooms for ideas:

An AV cabinet below TV plus a casement around TV and sound bar. Colors should be walnut or cherry on both.

http://www.salamanderdesigns.com/avbasics/sdav3_7022.jsp
http://www.mediadecor.com/the-edge.html

Thank-you! I appreciate the color inspiration because I have to look for the rug/curtains but didnt know if I should go bold on one of them or not. (ie-pattern on the drapes and stick to a muted tone on the future carpet). The house feel Im going for is rustic modern. I like the suggestions for textured items. Would you do dark curtains or stay light?

I would do the curtains close to wall color, and they could have a very subtle stripe pattern, but curtains need to be picked together with a rug and other items, to be sure. It would be terrible if you hung a curtain with a pattern and then found a rug and chairs that don't go with it. Etc. Make a good "mood board" in you idea book and get as many samples as possible.

Great space so much potential for a rustic modern look. I agree with one of the other comments, carry the color of the wall up past the molding. I would color that upper portion of the wall a darker shade of the paint that you already have on the wall. You can easily hold a large coffee table with some distressing and clean lines. A nice floor lamp, upholstered chair and a couple of accent tables. Notice how I use the word accent, try not to getting everything the same. You do not want your room to look like a cookie cutter. I see a nice rug on the floor and even a cowhide or zebra to give another texture. I am uploading some samples for inspiration.

For more design inspiration visit my blog: http://mummeinteriors.wordpress.com

Good luck and have fun with your room! Matt

Some chair and fabric samples. Matt

Thank you for the suggestions. I'm wondering if going with a brown-black credenza would be a bad decision. Would it work somehow if I mixed in natural elements with it?

Love the ceiling. A great place to start would be with your tv.....find a unit that will house all your electronics and that will hid the chords. From there I would select a rug to ground your seating area. Find something with some color and pattern...it will also help warm up your space. Add some window treatments and you will start to see a transformation. But start with the big key items first!

Wow..all great ideas...AggieDesigns I particularly love your suggestions.. easy for YOU.. : )

I'd lighten up the walls and get some professional advice on wiondow treatments. I take it there is no fireplace and the TV is to be the focal point? So get a nice big one and have it attached to the wall. If you can't have much furniture, look into a curved sectional - that will help sofgten the very sever looking space. it looks as though you have a nice view, so make sure that at least part of the sectional faces the view. get rid of the tiny light fixtgure which looks silly hanging from the rafters. You can install some indirect lighting over the window as part of the window treatment, and it will light up the ceiling. You can also light up the ceiling with some spots.

Thanks Darzy!! So fun:)

Do you like the rustic western style?, that's the feeling this is giving me. You could do a cowhide. What about a grey patterned rug and deep red curtains. Take the curtains up to the ceiling to draw the eye up. I think you have a good start, except you need to finish painting that wall, but at this point, everything is too neutral. Decide if you want to go bold or subtle. I actually like your light fixture! I assume the picture makes it look smaller than it actually is. Good luck, and take your pictures with you when you visit design centers.

Yes- but we prefer rustic modern. So to go that way with the space would be best for us, Aggie had some great suggestions that really tie into my color choices. Any opinion whether going with a darker credenza rather than one that matches the rafters would be a no no?

It would absolutely be a yes yes. Rafters are rafters and furniture is furniture, don't sweat it.

Aggie...wow. LOVE the purple. Plus, with what you chose, it can be changed reasonably.

Purple is my favorite color right now. Thinking about it for my bedroom. Pantone has it on this 2013 color chart as a neutral! I like that!

if you did maybe beige curtain or light brown it could bring some warmth in to the space

There are some ideas in this photo that you might like. I like the gray, black and white theme with the pop of color. The funky rug and the white decals break up the look and best of all I love the shiny charcoal coffee table.

I was trying to show you a picture of my red curtains, but I don't think my image downloaded.

Would you suggest a patterned color rug or a neutral cream/natural fibre rug to help "lighten up these dark couches?"

I def recommend a pattern to introduce some more color into the room.

Matt

Hi ldm959: This wall is great for a entertaiment center. I would suggest you some ideas about it. We have more than 40 diferents models.
For more options please see my houzz profile.

I am more in the texture camp and if pattern then a very subtle tonal one, herringbone or honeycomb.

dark or light in color?

Love what 'aggiedesigns' did. I agree with her. Also try to find an old trunk with the same finish as your ceiling beams for a coffee table and some basic but modern end tables such as IKEA'S "Lack" to start with-you can always repurpose in the Basement later. Also, go to a hardware store and purchase a primed piece of masonite and some 1 x 1. Attach the 1 x 1 to the wall and attach the masonite to the 1 x 1 to hide those freakin' wires. Or, make a long wire "scrunchy" out of fabric the same colour as the wall and feed the wires through them. The project may take you some time to complete as trunks are not always easy to find on a budget but it will look amazing when done.

Medium Light, IMO.

Perhaps more period-piece lighting such as this Cloche Chandelier can add a great touch...