Please post pics of the room and furniture.

I assume you're going to put something in those cubby holes? If so, decorate it the way you want it, live with it for a few days and then re-evaluate it.

For the wall color could you match the grey of your rug. As its a warmer grey. The orange looks a bit bitty. How about just one box as a highlight. And use a closer orange color to your lounge. Or paint it the same wall color and just introduce some orange ornaments. I have seen the tv recess painted black/dark grey before. This looks good depending on your tv color. And can the white frame under the tv be painted or powder coated silver. Just some thoughts. cheers

A black wall or dark grey would look could, love the wall

Sounds like a modern space. :) Only cause I like imagining - I picture raffia natural items in them - or brights. Do you receive lots of sunlight there?

Without seeing the rest of the room, it seems too matchy matchy with the furniture. I'd paint the orange recessed areas gray, and use a couple of orange display pieces in them instead to pull the color around the room. Add one or two orange graphic/geometric pillows to the grey couch.

I actually think it looks pretty cool.

I like it too. It looks awesome.

Ditch the orange. That much matching looks contrived anyway.

My advice would be you need to get rid of that orange. And you should not be decorating with futons over the age of 20. You need to slowly start investing in furniture, and not in the color orange. I am assuming you like modern design, a European look, so start going down that path.