Maybe a floating wall shelf above with some books and nice knick knacks...or a painting?
http://www.freshwordsmarket.com/blog/2012-12-18/tall-wall-dilemma

Just get rid of all the "crap" around the TV. The fireplace wall is just so unforgiving I doubt that anything could overwhelm. I would not attempt to compete but rather keep your TV and as I said, find storage for all the "stuff" other than the TV

Ceiling is so high and the fireplace really makes you feel that. I think you need to add extra long drapery panels to help it all feel in balance. You need to click on the photo to see the entire image.

Painting the ceiling in a dark gray would help to lower it some also: Again, must move cursor over the photo.

I think I'd paint the walls a rich gray to help the FP blend in. Then, a low, sleek coffee table and tv console. Your current coffee table is too high and the tv is "naked". :) Great space and it will only take a few changes for fab!

To answer your question, a darker wall color and a tv console that is wider than the tv would look best. Your coffee table is too high for the sofa. Maybe you can cut a couple of inches off (from the top legs, not the bottom) to make it work. Or, buy a really cool new one like the above photo. :)

Take a photo and try drawing a large horizontal stripe around the room. By using a dark band midway round you "cut" the height of the room. However placement has to be done on site to get the right height and band width to be effective.

Hang a grouping of globe pendant lights from the ceiling above the coffee table.

I agree with Darzy in painting the fireplace wall - to minimize its grandness . Furthermore, I'd clear up the fireplace hearth, paint the brass black to update it and hang the tv above the floating entertainment center shown below.

I like the idea of a floating wall shelf. Some sort of built in cabinetry would work too... And a lovely piece of art above the television... that wall is huge! What a nice room.

While you're implementing the above ideas, would the room open up some if the sectional were turned so the short section floats out from the sliders and the longer one faces the TV?