Wallpaper or laquer paint the raised ceiling portion and trim it out in crown moulding.

Concur with mmilos...a simple yet thick cove molding would really set it off. Paint the ceiling in two shades of the same color.

I would hire a pro to install the crown. All those angles will make your head spin if you attempt to do it yourself.

Agree with a simple but thick cove moulding detail...something that echoes the curve of the coffered ceiling.

Mmilos, love yr post. Is there a place for chandelier? If so hang one. Then paint top with a silver metallic, sides in a ice blue. And walls a gray/ blue. Get samples put on walls to see in your light. Bedding should be dark gray with a ice blue print. Accessories on blues and grays, with silver in lamps with white shades. Panels in a satin dark gray iridescence look, hang floor to ceiling. long so they pool on floor. On a brush nickel rod. Do not angle bed. Put on biggest wall. Paint furn. White. With mirrored night stands. Paint red and gold colors in cabinet a metallic silver like ceiling, leave the black. Add palms for texture. And a dark gray roman shade under panels. Pull up blinds. All trim in room paint white. No small art, like over window. Over bed a big 45" sunburst cut glass mirror.

Hi dclostboy and mmilos - Might you clarify the paint application pls? Two shades of the same color - got that, but where exactly should the paint be applied? Love the idea and pictures - thank you!

Ok didn't read about not yr furn. So forget about painting cabinet and bed.

The dining room and office are the focal spots in the house? Use the same treatment for both or ????????

I would do the lighter color on the main ceiling and wall/transition portion of the cove. Darker color on the raised ceiling portion.

Concur

How about suspending frosted glass, or Painted MDF with trim accent in center of room. Glass would have a neat effect if you have a ceiling light that isnt in the picture. Please ignore the colors used, they are only in place to help visualize the dropped center piece

The search you might want to do on the main page is for tray ceilings (coffered are the examples people gave you. Technically, yours are tray ceilings because they are shaped like an inverted serving tray.

http://www.houzz.com/ideabooks/query/tray-ceilings

This is not how to make the tray disappear, but certainly how to make it say "wow"
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Adding rope lights and a moulding detail
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Here's an example with the thick crown moulding that people were talking about above
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Some applied mouldings can make the tray into a true feature
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Here, recessed fixtures maintain a contemporary flair
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Moving the wall color into the tray
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Adding a bit of bead board
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I would paint the coffered rise darker.Add a nice chandelier.

OMGosh - thank you, thank you, especially lynne-mysliwiec for all the fabulous suggestions, visuals and correction. Tray ceiling IS exactly what we have. I will definitely utilize what you have given me. I am beyond thrilled!

There are so many cool things to do and so little time and money :-)

Perfectly stated! Time is certainly our most precious commodity.

Make the time money thing your friend... I've done amazing things with a lot of imagination and creativity. You can too.

I'm certainly going to give it my best shoot. :)