You have quite a nice large wall. I would suggest you keep some symettry so put whateve you do on both side the same. I would suggest wall mounted lamps (open top and bottom lamps would be nice). Some wall deco. Maybe two big mirrors. Or a group of 3 to 4 painting (small sized) in neat clusters on both sdes.

I would decorate it similar to this project http://sainteriordesignstoronto.com/golden-rule.html

I would just put a piece of art on both sides?

First of all anything around a TV can be distracting. So décor is really not needed. If you get a TV console at least 25% wider than your TV, it will balance the TV and fill the wall space.

If that is your longest wall in the room the TV should probably not be on it unless your room is gynormous. Do you have other walls that are a bit smaller that the TV can go on with a console 25% bigger than the TV?

A floor plan even if it is a sketch with wall sizes would help. You might go to all the trouble of doing the TV only to find that you cannot place anything in front of it from which to watch it?

I have this in mind ,more storage too:)

Cole Valley Residence - Family Room · More Info