We ended up dividing the room into two spaces, one for reading and working and one for watching tv. In reality we would have liked to have less seating around the tv and have the conversational area be around the fireplace, but right now we just dont have the furniture for that.
There are a few changes we will be making to this room.
First, yes, I did buy a lamp shade for the lamp on the round table. It broke during the move and I hadnt gotten around to Target for one yet.

Third, we are looking for a large square or long rectangular coffee table. Even if we end up switching out the cream sofa for a love seat or two chairs, the oval coffee table we have now just aint cuttin it. The glass top is also pretty scratched up from multiple moves and grad student life.

Fifth, I just bought fabric to make curtains for the window behind the cream couch. We chose a beautiful Moroccan inspired pattern with oranges, browns, and greens that will help to add a little life to that large empty wall. I found even found a curtain rod at bed bath and beyond on clearance for $11 that should work for the space.
Sixth, we desperately need rugs. We would like one large one under the sofas and coffee table and a smaller one in front of the fire place. I think they would help to define the space better and would give the kitties someplace soft and fuzzy to sleep.
My favorite part of the room is how much brighter it is. The wall color is warm and inviting without being south western. By dividing the room up, we get to use all our existing furniture and create a comfortable space in a room that could have otherwise been too large.