Art is all you need on that wall. You could introduce colour with the art, but I fancied the b/w. When you lift the TV you will have a bit more space to liven up the table below it. And I think a small black sidetable between the chairs would make them feel more comfortable and companionable.

http://www.terapeak.com/worth/tete-et-feuille-framed-art-print-by-fernand-leger/151793183237/

Pretty rug and chairs.

I would get a much longer media console, almost as long as the wall, mount the TV just above it on this end, and hang art over it on the other end.

Do you like having the TV in the traffic path? It doesn't look like anyone sitting in those chairs can enjoy TV, and I think the same may go for the sofa. Can we see all walls here? I think you could use some help with the furniture arrangement.

I agree with decoenthusiaste, how is the furniture arranged in relation to the TV?

You could flank sconces on either side of the TV, or put art beside it. You can see what we did in both of the photographs of our designs attached here.

Thanks for the feedback! Really helpful!

Furniture arrangement was a little challenging for us...we decided to not make the room about the TV. Hope this works aesthetically because I like how the kids or guests can be open to the whole room when sitting on couch instead of being closed off by sitting directly in front of TV (which is how we initially had it). I can chat with them while I'm in the kitchen. Thoughts?

When there's a TV in the room it really IS all about the TV, and it is clear to see that's where your children's attention is. I would turn the rug, around and place the sofa with its back to the dining area. Then center the TV on its wall and flank it with the two chairs. You might enjoy a couple of floor or bean bag chairs for the kids, but be sure you have storage where you can put them out of site when you entertain here.

I think the arrangement is fine. You might try shifting the entire
seating arrangement, rug and all, away from the window so it's more
centered on the TV. It would be more aesthetically pleasing, I think.
You could put a sofa table behind the sofa with lamps.

I would make the TV float on a reclaimed/roughsawn wood accent wall to add some contrast/interest like we did on this wall. Website is not finished yet but you can message us through Facebook (palletwooddesigns.com) email us info@palletwooddesigns.com or call 501-249-6060 to inquire about what we have in stock. Current stock is reclaimed barn wood, Repurposed palletwood and rough sawn cedar.

@groveraxle my concern with pushing sofa away from window is that it will be in the way of the opening to the bathroom and guest room. Will it cut off traffic pattern?

@decoenthusiaste I actually started with the furniture arrangement how you suggested. I didn't have my two chairs yet though. Maybe I'll take a look at it again.

Thanks...all this feedback is really helpful!

Here's some suggestion for your wall you might like......to know more about my Art work and collections please visit my shop on Etsy website -

https://www.etsy.com/shop/PooviArtGallery?ref=pr_shop_more