I agree, the cove ceiling is much more interesting and unusual compared to the cathedral ceiling. Cathedral ceilings (even with beams) are a dime-a-dozen these days with all the new McMansions. Not to mention the added cost of heating and cooling the empty space overhead and keeping the airflow comfortable. You know they always say... "if it ain't broke ....."

i like the cove also.

i'm assuming you have access to the attic space. if you still are itching to take the ceiling out have a contractor see whats up there and how much space you'd get. it might have had odd framing and be more difficult that you'd like to open up.