Unless you're making other changes to the space, I think your fixture is fine. You might lower it to 36" above the table top, but I think it suits your swag and jabot window treatments and the formal striped wallpaper. If you wanted to change it you could spray paint it black, but I don't have a problem with it.

There are some beautiful traditional drum shade pendants if you want a change....

http://www.lightinguniverse.com/large-pendants/murray-feiss-f27274fg-clarissa-4-light-large-pendant_g1099614.html?isku=8479480&linkloc=cataLogProductItemsImage

Hang it lower than the one now. 34-36" from tabletop.

Another area I would perk up (sorry, this is unsolicited advice) is the window treatments. I would use a natural wood blind underneath linen draperies that are hung high & wide on an iron rod. The natural blinds will tone down the formality & mix well with the rattan chairs.

I would also paint the ceiling the same color or a tad darker as the green in your wallpaper stripe. It will create nice drama.

Do you usually have the table draped with a tablecloth??? If so, take it off & display a single large bowl that's interesting or a collection of vases & vessels.

Thank you so much for your comments. I took your advice on the wood blinds and ordered them for all my windows on the main level and getting rid of the swag drapes all together. Love the idea of painting the ceiling, that's next. I'll post pics when I finish. Thanks again!

I realized that I did not specify woven wood blinds...roman shades...not slatted blinds as you may have interpreted.

I think a traditional crystal chandelier would be beautiful in your formal space.