Lovely home. Do you have a budget? Do you plan on window treatments?

Since the sofas have to stay for now, would you consider purchasing two upholstered armchairs and retiring the leather one? A couple such as these patterned ones from Jessica Charles may suit you. Angled and flanking the fireplace would look nice.

You'll want to find a nice piece of art for above the fireplace. Choose something you enjoy that has some of the blues you like.

Additionally, you'll want to find a wider media console. The current one is dwarfed by the size of the TV. The tufted ottoman may work in front of the TV console - or you may have to find another spot for it.

There doesn't appear to be enough room for stack for window panels, so you could consider Roman shades in a muted silvery blue. Inset just below the semi-circle.

Yellow and blue are famous friends. The brown will serve as a neutral supporter. A nice example of the palette is below.

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The size looks perfect and if you love it - go for it. I personally, like the shot of brightness it offers.

You need a MUCH larger rug for this space. You do not have room for curtains. I would not lock myself into colors until the sofas are replaced - far easier to find pillows/paint to match than a sofa to match the pillows and paint. If you happen to come upon art you love, go ahead and buy it now.

I would suggest a slightly larger glass and metal rectangular coffee table to give this room more sophistication and lightness. There is some blue in the painting and I'd use that, rather than the orange for pillows on the furniture. You can also use blue and white since you have a white area rug. You have a gorgeous kitchen and dining area. Take all the pictures and clutter off the TV console and around the bottom of the fireplace. Have just a very few well-thought-out pieces on the mantel under the picture, nothing else. You do need a much larger console for the TV, but please don't use that area for family photographs. You could have a small table next to the chair by the window after you've cleaned up that area, and a have a few photos there in silver-colored frames, not wood. I see TV wires hanging down and that needs to be fixed. Unless you need the privacy and light control I'm not sure I would cover up these windows.

I would add a large dark framed mirror over the FP with candle sconces. The room could use a three-tier bronze chandelier.

I would also consider linen-like drapery panels for your windows.

Diptiv, I recommend you use the yellow/orange painting above the fireplace only if you absolutely adore it. As Rina noted, it will set the soul of the room. It is an important feature of the room that can inform all of your other choices.

I wouldn't put anything on those windows unless you need light control. The view outside looks stunning.

I'm gonna fix your TV wall and hang your art. Then I'll look for some case goods that will help lighten up the room. Back in a bit.

Here's a mock-up using your yellow/orange painting. The addition of two arm chairs in blue with a few scatter pillows reference the blue in the painting and in the rest of your home. A light colored tufted cocktail ottoman mitigates the dark brown leather.

Media cabinet this long would look good. You need tables that give some contrast with the big dark sofas, that don't add to the heaviness of the space, but that are substantial enough to hold their own.

Arc lamp:

And something like the Noguchi coffee table in a medium wood tone would lighten up the room and still hold its own.