There are a number things that I see that could be improved. However it is difficult to really give you good advice on a site like this. My best advice is to hire interior designer and architect to review your plan. This'll be the best money spent on your project. If you want my advice please check my listing and caller email me and I would be happy to point you in the right direction.

Things to think about - what are your current needs? Reflects size and age of family - anticipates some change in the near future - allows for privacy and open space - Right now the heart of your home is the bar - is that a very important part of your life?
Some design flaws - powder rooms generally do not directly open off main living spaces for example.

And door to powder room too close to front door.

The closet behind the bar should be the powder room. The area where the stairs are, is a lot of wasted space. You could put a closet in that area. Consider the plumbing when you design a home, as it becomes very expensive to be running the pipes all over the house. If your'e going with an island, then it should be an island, open on all sides. It appears as though you have a wall around it so it's closed off. Or is that an eating bar?

jhunta, first off, good for you making the effort to start getting a sense of how you see your rooms flowing, identifying certain wants and needs. As others have pointed out, you can certainly improve the utilization of space. For myself, in a new construction of gut and re-build job, I like to look for ways to be clever in the use of space that you just won't find if you buy a place-- half the fun of building is finding ways to make sure the end result is NOT like everybody else's contract house.

There is enough to re-think to make it more than I can volunteer given other commitments at the moment. I agree with Diane K, find a designer you are comfortable with--can be local or remote--and invest toward achieving something special that is truly yours. There are compromises in every project, but start off with a clear vision that comes through a bit of back and forth, exploring your needs and dreams and developing options. Good luck - and enjoy the ride!