NO--DOES NOT WORK.
The stone and cedar are a rustic look--the cedar is a bit dated...(you might want to remove it) the new floor is more formal and contemporary. Careful mixing of styles and finishes can work --but in this case the finishes and styles are fighting each other.
Also the green wall color does not work with the red floor.
PyramidDG.com

Sorry, I agree w/ Pyramid.

If possible, replace the cedar w/ drywall - you might could drywall over the cedar by the FP.
If that's cost prohibitive, get a very very good primer, then paint the cedar to match your wall color. Depending on what else is going on in the room, the green wall color could work with the cherry floors. Post some more pics & you'll get some more opinions!

Well, I like the cedar walls & stone fireplace! I am not sure about the flooring though. Have you already bought it all? It does look like a more contemporary style. Have you considered a darker brown color flooring, possibly gunstock oak? I have a couple of friends who have dark flooring (black stain & something a little darker than what you have in pic). Both show every bit of dirt, dust, and lint. They even show strange smudges even when just cleaned.

Like the flooring, not the wood on fireplace. Too different in styles. Can you remove wood on fireplace and around room. Will really update your room

i must be insane.
i think there's enough pink in the stonework to make it work.

if you end up disliking the panelling, you can always take it down or paint/stain it.