SFGate

nevadan This room looks like a horse barn. I think it lacks potential because of the door placement and apparent lack of fenestration. Also too many ceiling beams - obviously some of them are non-bearing fakes. Might want to demolish and start over.

PYRAMID DESIGN GROUP The room has potential. i wolul ahve prefered it the wood went up to the ceiling, eliminating the triangular spaces at the 2 ends of the room. But you have ceiling height. I would remove the ceiling fan , then start by finging 3 fantastic large pendant ceiling lighting fixtures. paint hte ceiling a beautiful color such as a medium grayed green or golden golor such as benjamin moore hathaway gold or french horn. install a real slate floor and you are on your way to a great space.

sam0705 I like it. Keep the beams paint everything else except the fireplace white/light neutral. New lights.

Aja Mazin Great room!

sam0705 Sorry I realizes my suggestion did not work with the paneling - I think it's a bit too much in this space.
Ditto the slate floor

lefty47 HI -- REMOVE ALL THE PANELING ! Keep the ceiling beams . A lot of the others are going to tell you to just paint the paneling , but it will be better to just remove it . Old paneling has a 40% higher fire risk and it will just soak up a lot of costly paint . Clean new walls will be so much better to work with and it's time for the room to change .

onthefence I agree with everyone to remove the paneling and sheetrock.

Leave the fireplace as is but paint the built in that flanks it in white. Depending on what color your furniture is, paint the walls a light neutral.

What's under the rug? With any luck you'll have hardwood that is salvageable!

Re: the ceiling - tough call. It probably needs to be repainted between the beams but doing so without painting the beams is a bear. Been there, done that. Unless the beams are really spectacular I'd probably paint them as well. It's a bit hard to tell from the photo. Are they still natural wood?

onthefence Oh -- and while you have the paneling off, determine any wiring needs you may have and do the wiring before closing the wall.

JWinteriors Can you open up a wall as you are taking down all the paneling? Change out door to a 15 pane glass door for maximum sunlight.