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glitch, I updated

hey, bp. i'm no decorator, but it looks to me like ou are going the right direction with your photos you like. Some people hate to paint wood, but not me. I like your idea of the unified wall color and then wood floors with oriental or sisal-ish. Post after pics

Don't touch the brick, perfect color!

Sorry, I was looking at the third picture

I wouldn't paint the wood. I'd replace the carpet with a wood floor, then change out all the sofa seating to something like Restoration Hardware's leather, something clubby and comfortable. I'd lose the current chairs in favor of a natural linen club-type chair, and replace case goods with something more along rustic-industrial lines, maybe reclaimed wood.

Replace framed art with canvas art in much bolder colors and style, and replace the mantel with a rustic timber that goes all the way across.

Do the first photos show your things or the sellers' things?

KB everything you said is exactly what I am thinking. I'm hoping someone who loves to edit pictures will come in a "paint" the areas that need to be painted so that I can visualize it. :)

I dont want to paint the brick. I want to leave that, and these ARE NOT my things. I will have totally different furniture.

Paint the wood, you will love it, Bm simply white

Can you remove the mantle? It would look so much cleaner without it

bptanner, removing the current furniture from the space will be an instant update. Don't be too hasty to do something (like painting the paneling) that can't be undone. Live in the space for a bit before making important decisions. Lots of things will become obvious as you experience the room, and those things will help guide future decisions as you make the room yours.

So, this isn't your furniture? I'd start with a medium/dark hardwood floor that complements the paneling. Maybe Alabaster White SW on the walls. I think the FP looks right with a mantel. Right now all of the furniture's wood tones make the paneling boring. Mixing wood tones in the floor and furniture will help a lot to update and make interesting. An area rug and interesting lamps/art and the room will be fabulous.

I would paint the wood paneling white, replace the ceiling fan with a pretty chandeliere, new coffee and end tables. Reupholster or replace sofas (I would replace). Metal (chrome) coffee table and one end table. I would make the other end table wooden with some storage. Large original art on the fireplace. Declutter. I like your chairs, might reupholster depending on their condition. For original art, check here: http://www.houzz.com/projects/1295077/art-original-abstract-paintings

(chandeliere)

Keep the ceiling fan, or replace it with a more modern looking one, you'll need it to move the air around that volume.

I am usually a big fan of painting over paneling but in this case I would recommend you begin your update with new furniture - select all upholstered pieces and for tables select glass/metal rather than wood that might conflict with the paneling. I see you have wood in other rooms too.
Change out the art above the mantle; remove all the tiny bric a brac and try to increase the size of your decor on shelves - the scale is wrong and doesn't make things pop. You could warm the room by addressing the back of the shelving - textured wallpaper, mirror, etc.
I would keep wall to wall carpeting as wood floor will only make the room appear cold and would argue with the wood paneling.
The room is large and is rather sparsely decorated. Add more stuff ;-)

Replace the carpet with flooring you love before moving in. Then place your furniture in the space and post the dilemma again. That way, paint suggestions can be based on your fabrics and textiles.

Ah, bp, I see you were hoping someone would paint the place for you. Your wish is my command. Of course, first I had to remove all the furniture (which was aided by a brand new floor), so here is a before painting and an after:

Let's do a little decorating so you can get a sense of how it might look. I had to replace the mantel and ceiling fan. I hope you weren't in love with them.

Great renderings grover- I like the wood panelling unpainted.

In most of the photos you like, there is not a vaulted ceiling so the room you have does not look cozy. Perhaps paint the ceiling a tan color and anchor the room with darker/warmer colors with some bold accent colors to draw the eye down.