This is a wonderful room! I am sure the rest of the house is stunning. Looks like you like a cleaner style. Yes, I agree there's a few changes to be made, but for now your focus should be on the view of the master bedroom.
Near the front entry, extend a divider from the narrow bookcase on the left of the fireplace. Extend it to 3' from alignment to the natural entrance break, creating a foyer to the bedroom. The style can be as simple as a wood frame with frosted glass to a cabinet with art niches. Consider finishes that are simple as you have so much going on in one room. Obviously keep the height the same as the fireplace.
If it were my house, I would remove all the paneling, paint everything white, except the fireplace, and install wood floors.
Hope this helps!
Here are some inspiration pics:^ ^ ^ Floor plan - Note the divider extending from existing bookcase on left of fireplace to 3' from natural entrance
^ ^ ^ Open shelving - this one is IKEA
^ ^ ^ Simple cabinet with storage and open sculpture niche
^ ^ ^ Open metal bookcases
^ ^ ^ Simple frosted glass with wood frame would need end wall for support
^ ^ ^ Horizontal wood slats with integral cabinet
^ ^ ^ Easiest and least expensive for bang for your buck
^ ^ ^ Horizontal twigs in metal frame
^ ^ ^ Sheet plastic sculpture
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The picture
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