Totally with jck910 here. Would definitely add drapery panels (and consider a drum shade update to your great table tamps for a bit of edge cleanup) on your key window and nix the above-mantle mirror for now. I have a feeling it might do a lot of reflecting that ceiling fan, which would drive me batty!

I'd anchor some tall panels (either mirrored, garden iron, beadboard, beachwood or another complimentary texture) at either side of your fireplace to spread the visual interest across that wall space, leaving your keyhole above the mantle area more open than present. It'll look bigger and more harmonious with the density of texture more even across that wall.

This is a beautiful fireplace, btw. Have you thought about wrapping your current mantle in some of your crown material to beef it up a bit? Cheers!

Great ideas! I was considering either shiplap on the walls around the fireplace or floating shelves like the below picture

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Cobragurl, also looks like there might be power outlets mid-wall over there, too, which could relocate to where most helpful. Shiplap - or even board-and-batten to match your door panels - would definitely beef up your wall look. Board-and-batten treatment could resolve at the height of your mantle with your outlets placed above, leaving you with a powered shelf presence across the whole wall to display lit seasonal decor, photos, etc. and not have to resolve the paneling at the foot of your crown molding.

Can't believe I missed this the first time, but would also explore either taking the speakers into wall/ceiling, or at least converting them to white so they don't draw the eyes as they do in black.

So if I resolve the board and batten at the height of the mantle, do you think it would be too tall to display items? Of course I could lower current mantle?

I don't think so, but you'd have to be careful with the scale of what you want to display. You could also resolve the paneling just below your current mantle height to give a little more breathing room and allow the mantle to 'break the plane.' When the ledge/mantle edges are finished the same, it can give a really tight, coordinated effect that would brighten up that whole end of the room for your entertaining.

It's also a little more timeless than shiplap, tbh. ;)

Awesome. Thanks so much!