You need a better paint job and then you need to put rock finnish on the fire place

Wish I could see the ceiling. What kind of lighting do you have in the room? Also although it is a very nice room it is lacking some texture. Whether it be with a stone around the fireplace or perhaps some plants (real plants) to give some life to the room. Here are two examples of projects that have all those dimensions, and good lighting.

Beach Bungalow · More Info

Laguna Beach Great Room Addition · More Info

Turning off any overhead lighting and using lamps will make a huge improvement. The window treatments seem to be off....not sure why without a better pic.

Personally I like the red accents. I would put a stone finish on the fireplace - it's too white and bland as it is. I would situate the couch to face the fireplace/TV, with the club chairs on either side (one on each wall). The pictures are too small for over the couch, however if you have a chair on the wall that the couch sits against, you could hang these pictures to the left of the club chair, one above the other. And yes, your area rug does appear too small for the room, but if you can rearrange your furniture, it might work if you turned it around. Also, I would opt for a larger table lamp.

I like the red in the room and I'm not sold on new paint. Make these adjustments which are not costly and see how you like it.

This is a very pretty rug for the space and good size. The lamp looks a little outdated.

http://www.homedepot.com/p/Safavieh-Lyndhurst-Red-Multi-8-ft-9-in-x-12-ft-Area-Rug-LNH552-4091-9/203321423

Remove the black/blue curtains - they don't speak to anything else in the room. Replace with neutral coloured ones. They will be more calming to the eye and allow the focus to be on the accents. Also, your coffee table doesn't work in this room. Perhaps a round table with glass top would work much better. Easy fixes that would make a big change. But most important....have fun with it!!