Thanks all for your suggestions! :-

cont.. - Items with some height such as larger scale art or floor lamps or larger plants would work well with these heights. Adding in more fabric would help warm it up. Like silvrii's idea to check out loft decorating specifically for further ideas. Congrats on your new home!

I think adding some color to this space would help to warm it up. One option would be to paint it all one color, including the molding, as the existing horizontal molding serves to accentuate the piping. If you want to keep the existing molding, you could use the molding to color block the wall to add some visual interest. Perhaps something like a matching color on the top and bottom parts and a lighter shade of the same color in the middle would help to tie it all together. The end wall without the molding painted either the color of the top and bottom portions or the middle portion of the wall. Love the patterned drapes you've chosen for your bedroom and think patterned drapes here would be a good choice as well. For a space of this size, it might help to break it up into more than one area so that the seating areas don't seem overwhelmed by the space. Area rugs to help define the space would help as well. Cont..

Grt ideas here:

http://fleamarket.about.com/od/stylestrends/a/howtogettheloftlook.htm

I would check out industrial loft ideas. With the piping running across your room it lends itself to an industrial look.

My suggestion is to leave the fireplace where it is, but raise it up a bit and place that bench you have under the west windows under the fireplace. Then search for an antique fireplace surround to mount around it in the future. I'd also suggest removing the loveseat from the living room - it does not match so maybe you could use it in another room. Move your TV to where the globe is now, move your chair/ottoman to about where the TV is (but pulled out into the room a bit, and move the sofa around to where it is facing the west windows (with its back to the dining area. Now you can put the side table next to the chair. With this arrangement you can later put your Christmas tree either in front of the west windows or in the corner where the chair is now.

Well..........these are just some possibilities to get you started. How about putting the TV in the corner where the globe is. Then put the sofa on the wall where the fireplace is. The fireplace can wait for placement [perhaps in the dining area]. Put the loveseat on the west window wall, creating an L with the sofa. The chair could be angled directly across from the TV. I would have to suggest a very large rug, covering the space between the sofa and the TV, when circumstances permit. It would draw the entire space together. Another option to bring cohesion would be some slipcovers for two of your seating pieces. I would also like to suggest putting something on the lower half of your windows, for privacy. Perhaps some simple white sheers, stretched between two small tension rods inside the window frame, an inexpensive option. Some well loved large artwork on a couple of walls would certainly help bring your space to life. Good luck.