Paint with your furnishings in mind. Do you have art with a color you could use? Maybe an area rug could set the color theme.

I would not paint all of the walls the same color. Either vary the shade or perhaps add a chair rail to the dining area or paint an accent wall in a stripe or very deep shade of the color.
For help on choosing colors without being overwhelmed, please see
http://squidoo.com/using-color-in-your-home
To see a couple of ways to use color effectively with an open floor plan, see #5 on http://squidoo.com/how-to-solve-11-decorating-problems-with-color-and-pattern

I would love to see a beige color taken from the bricks on the wall you show. It would warm up the room instantly. Could even make it a shade or two deeper since you have nice windows in this area. Paint the closet door and the side of the stairway the same as the wall color.

I suggest a brownish tan color for the walls with neutral furniture, and bring out color in throw pillows, art, rugs, and lamps

Thank you all for your comments! This is very helpful. :)

I do have an off-white couch and 2 chairs and my dining table and chairs are off-white as well.

I do like the idea of beige or brownish tan for the walls. What do you you to something in this direction: ?

What would you say to using white curtains to keep the room from becoming too brown? Would that then be too much white?

I've read that for open floor areas it is best to keep it to one colour or a light shade and a darker one of the same. If I go with the latter, which walls would you paint darker and which ones lighter?

Sorry for asking so many questions but I find your help invaluable! :)

White curtains would be perfect! Here's proof:
Rustic Living Room by Evanston Design-Build Firms Benvenuti and Stein
Eclectic Dining Room
I would go with the darker color in the room that has more natural light.

Thanks chaefender! You've been of great help :)

HI -- The room is real nice but looks a little small . I think because of that and the black windows frames , which I love , keep the colors light . An antique white or warm white or a tan white would be best with the same tone in drapes but in an open textured linen or like fabric or maybe wispy sheers or semi - sheers , hung on wrought iron rods or light weathered wood rods . You could add some wood blinds under also. Maybe think about having the drapes across that whole large wall ,front to back and from ceiling to floor . It will add to a larger look. Keep the railing the dark but paint out any closet doors . Then add colors with the rug and accents of Art and pillows etc. Soft white rooms are very popular combined with natural elements and I think this would be good with your size space .