I would try a bench with storage under it as the anchor piece and useful to guests and yourselves in taking off shoes upon entry, maybe an area below to stow shoes.

Above fixed to the wall I would look for a metal shelving unit with interesting design or clean angular lines depending on your style desires, or one that would span the bench. Making a space useful overall is always key and with tons of designs available you can create both.

I agree with a mirror, although you do not need one for space altering or enlarging... so choose one that is a place to check out your appearance before departing the house....this is a huge space and a bit cold at the present.

Perhaps two pedestals one on either side of the bench with interesting sculpture or pottery... tall dry natural but colorful plant pieces to take the eye up to the high ceilings.

Add some interesting contemporary art to change the look from the traditional wallpaper. Bright colors are needed to bring more light to the space. If you want to transition to contemporary... I'd suggest a modern entry rug of color as well.

Have fun with this space... change the dull traditional look into one of fun and usefulness.