What is the little black box under the T V?

That's a contemporary fireplace without mantle

The fire place is your focus point and badly needs to be finished. Consider a dramatic wide black ogee architectural moulding to frame it, adding a bit of glamour.

Yes, the TV is overshadowing the fireplace. You can either beef it up with a surround or get a wider model. I'm not sure that the floating shelves will be enough to balance the arrangement.

ww.bing.com/images/search?q=stone+creek+wall+unit&FORM=IQFRBA#view=detail&id=FF88E8103F277E89E1FAD3D60AB544678975EE5F&selectedIndex=2

Saw this in a showroom in Phoenix. Would be perfect on this wall

Here is the photo for you.

Wallpaper, TV off to the side, not above FP, and floating shelves. Good Luck!
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As previously mentioned, your TV is too large for above your fireplace. One solution is to make your fireplace appear larger by adding a tile surround. The other alternative is to connect the TV and fireplace by making them a "wall unit" using paint or tile. http://houzz.com/photos/853109

http://houzz.com/photos/914321

Yes, the room looks so empty .. hmm.. at first you can add a CD & DVD Media Storages, secondly your room looks a little bit gloomy (add more lightings) and last you can add a rug (it's bring a warm atmosphere in your living room)
If you need home accessories and furnishings please welcome to http://www.furniturenyc.net

The first thing I would do (if you want floating shelves -- and they are very modern and smart) is paint the wall a contrasting color to give the shelves a backdrop. Perhaps something "edgy" since you have so much creamy neutrals. If you plan on buying an area rug to tie the 2 sofas together, use a color from that. Perhaps red (you're using it as an accent, but beware, it requires special prep) or a darker tan (especially if you want to keep the neutral color scheme going). Long-term, you'll probably be happiest with black or dark-wood-tone shelves. Consult an expert about how to put them up; there's special hardware to make them look "floating."

There's many configurations, but I suggest 3 shelves. 1 just below the FP, 1 just above the fireplace, and an "interrupted" shelf half-way between the two. The top and bottom should span the entire wall. Stopping short of spanning the entire wall is going to look weird and give you another design dilemma.

The bottom shelf gives a base to the FP and something to put those speakers on (horizontally?) The interrupted shelf would focus on the FP as well. THe top one gives you a mantle. This would be the focus of the room, but it would put that TV more in scale.

THen you pull your sofas out from the walls (were you planning on shouting across the room?) with a coffee table and an area rug (big enough for all the seating to have at least the front legs on the rug). TOo many identical end tables. Something different would be interesting, and give you a reason to shop yard sales, 2nd hand stores, etc. Can't tell about the rest of the room, but if you have the wall space, switch hte location of the 2 sofas. That would give you less mass around those windows and room for a sofa table behind the loveseat for a lamp. Post a photo when you're done. We'd all love to see what you decide.

Thanks for all the great ideas...I will post pictures as I go along...I'm having a hard time finding long shevles. Any suggestions on where I can find great shevles?

You will have to go to Lowe's, HD or a local lumbmer store to buy 2x12" lumber, finish them yourself. If you go online, there are how-to sites which describe how to build "boxes" that look like thicker shelves and are lighter-weight. These aren't going to hold as much weight, but that depends on the hardware you use to mount the shelving no matter what you use. THere is special hardware at these stores as well as online sites. This will not be a quick project -- although it seems simple enough! I recommend thorough research before starting. I have the same dilemma as I want a 11' floating shelf across the back of my dining room.