Interesting idea, for sure. Would you want to just prop some against the wall so we could take a look at it to make a better assessment?

Looking at your floor... I think they would look like floor on the wall. I guess I was never a paneling fan.

I agree with tearing down the TV area and painting the trim white. You look really tight in there , how about removing that credenza? Also the floating mirror?

@abbyjean, thanks for feedback, I propped some planks against the wall and it's definitely not that cute... it feels a lillte claustrophobic and that's exactly what I not aiming for.

@j3ff1989, that's a very interesting idea. I love that idea and will be entairtaining that option. Thanks

@lin15, yes it does look like a floor on the wall :-( which is not exactly what I wanted... I was thinking floating wall (behind which I could hide all the cables).

@lin15, I agree with you, it looks a little bit tight and I will be clearing out the space as soon as the center wall is taken care of. And yes the credenza will be gone. Thanks

Perhaps move that credenza under your TV to hold your cables and everything? You can drill out the back out and thread it through.
I can't see the rest of your room, but perhaps the sofas could face each other? I think putting stone would look strange. Are you looking for a black and white theme?

you could use the extra planks as the top on a media cabinet, to hold all your peripherals.
or even as a "frame" for the tv.
attach the planks to the wall in either a squared off or a staggered fashion, your choice. make sure they're into studs. then hang the tv on that. between the windows would be an interesting place for it.

@lin15, the credenza is too low to have it under the tv. SInce I want to hang the tv on the wall, I'm afraid the cables coming from the credenza won't be long enough to get to the tv.

One thing I want to do for sure is to hang to tv on the wall and keep the electronics in the same spot. All the electronics would sit on a similar type of shelf and then the cable would be hidden behind something....

based on the configuration of the room, the sofas appear to be in a good position especially if we all want to take advantage of the tv.

So far, I'm open to any theme. Black and white seems to be the easiest option based on my furniture and setting.
Thanks

@yoboseiyo, I'm trying to stay away from framing the tv as I feel like it would feel a little clutter. That's just me :-)
in betweeen the window could also be a good place to use the extra planks. interesting...
Thanks for your insight.

chriscmr, I think you may want to consider TVCoverUps. Framed art(including your own) or mirror adds to the room's decor and hidden beneath is the TV and Entertainment Consoles(your wires, cable box, speakers, blu-ray/dvd, etc.). Available in Automated & Manual Lift and allows for TV tilting hardware.
See how EASY it really can be:

Why would anybody want to cover up a flat screen LED TV ?
Some of the greatest minds of this world spent countless amount of time to make this piece of art as slim and beautiful as they can be.

I personally think the TV by itself makes a statement in a room. I don't want to have a hat on top of TV every time I'm watching it. Thanks

chriscmr, a TV in a room is always a statement- the issue is when the TV is off. It has been called "a giant black hole" in the wall and for some people, not only does it become an eyesore but detracts from the room itself. Solutions like TVCoverUps exist for this reason, because you can have one's own art or mirror adding to the room's atmosphere and beneath is the TV and Entertainment Consoles when you need them.
Advantages for TVCoverUps go beyond that tho, it actually creates a theater atmosphere with the black linen backing which also absorbs ambient & ceiling light(reducing the glare of the picture). If you have a 3D TV, it actually strengthens the picture(see example below) and allows for TV tilting hardware(letting you lower the TV to the perfect viewing height).

After combining all ideas.. this is the "after" pic