You could paint a harlequin treatment in two shades of beige and then put a decorative upholstery tack at each point, makes for a wonderful wall treatment aall for the cost of paint and the tacks. Each diamond of the harlequin would be about 2' tall and about 1' wide.

Or larger, but keep the same proportions.

I agree with meatpie, a console table and chairs (or a bench and a small chest), plus a mirror or artwork, would look nice and allow people a place to set items down while taking off their coats. Stenciling it another way to add something extra, without the expense (and mess) of installing and then removing wallpaper. You could use metallic glaze to provide a sheen...

Here are some examples for you to think about...

Stamps' photos provide a good diagnostic tool as to how much clutter you like. You can start work from there.

Chandelier!

And a nice tall pair of candlestick or other skinny lamps to go on the console table!

A counsel table with a flower arrangement and/or mirror would not be too ostentatious. A half-round table and a round rug would be fitting as well.

Find a console table you love, an interesting light fixture and a beautiful mirror ..

I agree with Patti, it doesn't look like there's room for a table and chairs, though you may be able to find a console that could fit either one or a pair of benches underneath. And, I would remove the blind treatment from the half-round window and let the light in.

I would start with a great chandelier. It should hang it 7 or 7 1/2 feet above the floor. You have a great place for an entry table as others have mentioned. Style to fit your decor.

Add a nice rug to warm up the space. I like bluenans entry pics.

OK, it's letting me add only one pic at a time for the rugs.

Another...

I would duplicate the image that pattihenderson showed here. The sea grass wallpaper, the elegant mirror, stone console and a glam chandy will make this from drab to fab. Oh, and the rug above from leelee would fit right in. :)

With no furniture in either photo, it's hard to know your style. So, more data is required.

So, search houzz, magazines. Start an ideabook. (I have one for every room in the house.) Start deciding what you love, in what style. Do you want a crystal chandy (the absolute dickens to clean!) or something modern or interesting? Do you want an Oriental rug or a modern rug or something ethnic? Determining your style and color scheme is a first step. It's your house; what do you love? When you look at this space, do you see it a particular color? Nevermind what you think is right. Start with what you love and go from there. (I really wanted a chocolate dining room, but I couldn't see it.)

A console table or an interesting chest is the usual foyer furniture. I find the addition of a stool or a bench underenath the table or nearby to be somewhat useless; who's going to sit there? It fills up space and hides plugs, but I'm not too enthused as a decorative item.

You have white wainscotting; that's going to drive the choices somewhat. When in doubt, "borrow" it and stare at it for a few days. If you plan to paper (great way to add pattern, color and uniqueness), put a square of it on the wall and stare at it in all kinds of light. Store lighting is not the way to make these decisions. It will not look like that in your house.

You have a clean slate. It's yours. You can do whatever you want. Trust your gut, and don't let anyone talk you into anything you don't absolutely love. You're going to live with it a long time. P.S.: Hate venetian blinds. Consider an alternative for those.