Thanks SOOO much for all the feedback, and I'm sorry that I hadn't come back to this post till now. You all raised really helpful issues for me to consider, but I have to say that I still haven't firmly decided what to do. I'm probably at 75 percent in terms of keeping the fixture - it just feels like it goes with the room. I think I'm satisfied that most of the concerns are manageable. For example, I've tested and it doesn't block the TV, and we have had a coffee table directly below the junction box in every configuration of the room since we moved here a decade ago, so I think it's reasonable bet that this will stay under any future layout. In terms of the kids, I have 2 boys who are the types who are constantly bouncing off the walls, so it's not inconceivable that they might hang off the ceiling - but they are old enough to know better and tall enough that if they were going to do this, they probably already would have! They have a Wii and don't seem to jump a lot, and if that begins to happen I would probably move the Wii to our (tiny) playroom instead. My real remaining uncertainty is just whether it looks goofy, like lipstick on a pig. I don't think so, but I'm obviously biased. And I don't really trust my own judgment after a couple of botched decisions on this sort lately (our kitchen reno should have been done except that I picked a totally nutty contractor, who thankfully walked away.) SO I'm going to stew about it a bit longer, see if I can find a semi-flush fixture that I like (at least one that isn't $500 and up, which seems to be the case for all the ones like), and give it a week or two of more consideration. Thanks so much for all your really helpful comments!!

Bottom of chandelier should hang no lower than 7‘6” from floor.

It was funny to see this thread come back, it reminded me I should post some pictures of where I am at and how things are looking. Table is in the spot you all helped me with. I have added an area rug for the sofa, and pillows. I am having a large walnut burl coffee table being made, should be done in about a month. The current coffee table we have is just too small with the size of the sofa. I have a new fan for the ceiling which has a light in it, just waiting for the electrician to install. I plan on replacing the two dark brown leather chairs at the table with something lighter, maybe a beige or off white. Not sure yet but I feel the dark brown chairs are too dark. I got side tables for the sofa which match the live edge table. One of you said Rome wasn’t built in a day, so true. It’s been a fun project. Thanks once again for all your help!

I wonder if they used to make it halogen that is the only way it would be hot. I think my concern is that the LED is integrated and only in 3000K which IMO will cast a yellow glow I think the piece would look awesome in that space for sure.