If you're sure you like the loft look, remove the supports and any superfluous wires, nails, screws etc. now showing. The downside to this type of ceiling is the lack of sound control and, depending on the floor above, more dust and dirt moving downward with every step.

Thanks, worthy. You've brought up some things I hadn't considered. I have hardwood floors in most of the house, and tile in the kitchen and bathroom. I have noticed that there is more dust in the basement in the one area where I have already taken down the tiles, which is under the kitchen. Do you know whether a layer of paint will reduce that?

If painting the exposed framing/floor above, I would paint it all (flat) and eliminate any furring pieces that were used as nailers or trim. Paint the dark color down to bottom of joists with a clean horizontal line at all four walls. You will need to consider lighting, possibly track system. Drawbacks include (as indicated above) sound transmission, possible dust and no insulation for the floor above (more draft, less efficiency of heating system). The look is interesting, but there are a few practical drawbacks.

Saw this in several houses on Smith lake in Al. I did not like the dark ceiling so much. I would go with a very pale blue. Just me.

you might go to lakehouse.com. May still be for sale.