For an economical fix, I would paint it a darker shade of your wall color (assuming the paint color is a muted earth tone). I have attached before and after pics of what we did with our fireplace which, not only was an ugly brick, but created awkard angles on the wall. If you are up to a real project, you could cover the fireplace with cement board then cover it in some beautiful, modern tile.

Agreed, with a grey or white color painted over the bricks.

We had our fireplace sandblasted- a few shades lighter than the walls. It's a buttercream yellow. I suggest a runner to hang down over the mantel- maybe 3 or 4 inches. Maybe a fold of print material with a tassel on each end. I have an antique mirror over my mantel- I decorate for the holidays and seasons. For Spring and summer months I have a fairy garden greenhouse. No telling how many things I have decorated with over the last 30 years (:

Thanks for the pic Ben!! Love your changes! Thanks everyone!!

Paint it a darker color ...

Paint it :) We recently completed a project where we did the walls a light gray and painted the fireplace a few shades darker, it turned out awesome and is definitely a more modern look!

There are some things you can do without touching the brick itself, but you need to know where you are going.

I personally painted my old brick fireplace my trim color (BM Linen White) and I love it. The red brick previously sucked the light out of the room. :-)

For this project, we added a modern gas fireplace insert and a cantilevered concrete hearth and shelf to an existing brick wall.

I would add wood over the brick. You have an arched firebox, so I would arch the mantle facia as well. Add your side built its to coordinate. Don't forget to run electrical and cable if a TV is going to be installed.

@Beth Thompson, that's a great fireplace redo.

Home Diva, the keyhole doesn't read contemporary. You can often cut the opening square with a masonry saw and the tile over.

Maybe a distressed beam mantel shelf, if that works with the rest of the room and your taste.

A smooth stucco look or honed stone finish would be a different look. I would suggest a cerused oak distressed mantle to finish it.