Spectacular windows and fireplace. There's no room for decorative panels because they'd obscure the window trim. Try putting some color into the space with a large colorful painting over the fireplace.

Your room has a lot of potential! I would suggest, if you don't like the color of the brik, painting the brick rather than drywalling so that you keep the texture. Side panels would work in on those windows because there is no place for them to stack and they would make your windows look smaller.

I like the style of the light fixture you picked, but your room is so large I feel like the light fixture needs more heft, more visual mass, beefier.

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I would leave the windows bare. If you do decide on panels, mount the rod across the top straight portion of the window, and remove the blind inside the top quarter circle. I think it may look crowded so close to the fireplace though. I wouldn't drywall the fireplace. Paint the brick instead so you keep the texture. Otherwise, if you drywall you will need some sort of molding detail for such a large ceiling.

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To add color, I would find a darker patterned rug that ties together your sofa and wall colors. I think a plain cream rug with those walls and the gray sofa will look very dull.

This is a duplicate post now you need to go to both for your answers.