Does "formal" imply you have another space for tv watching? A family room? Or is this the only room for tv?

If the former? Make the tv more secondary........use an adjacent wall. Better by far as the need for built in expense will be less, and same with media console and tv. As below...and I will hope that is the case. - you've another tv spot.

Truly....... the view into the room is far better this way in EITHER case. A room needs to make CONVERSATION possible; nobody wants to shout at another off in the distance. And that love seat can just as easily be two VERY comfortable chairs.

One quarter inch to a foot below. Don't forget a great rug.....9 x 12. Lighting matters.......art matters. : )

The very last thing you need? An accent wall via paint. One paint color will do it.....please.

You will get more help if you post some inspo pics of rooms/styles you love. There are no mind readers here...

Thank you! This is great advice. Yes, we have another large den for watching TV so this is more the formal living area. I love what you layed out. It’s open and welcoming. Here are a few inspirational photos I found.

There you go! Start with a rug.......or art you adore. Be prepared it will take time.....and money. Which will be more? Hard to say. But even junk upholstery is over thirty plus weeks out from date of order.

Consider getting some good local design help. While this is a helpful forum? A designer can save you money in regrets..mistakes......and stress: ) and more than pay for herself.or himself. Do your research, talk to friends who have had pro help. That's the best route, 90 percent of the time.

Note too....... two chairs are far more versatile than a love seat, allow more fabric choices ( no need to match the sofa, and more important? Two people rarely if ever share a love seat....: )

Jan gives great advice, here, as usual.

One more thought--just because a room doesn't have a TV, doesn't mean it has to be "formal." A cozy, casual sitting room for solitary pursuits (reading, napping) or entertaining guests doesn't need to be a formal, off-putting, velvet-roped off area where you drink tea with raised pinkies.

My home has a TV/family room and a "living room." Both rooms double as home offices-the living room is mine. No TV. When I'm working it's quiet and has a printer, computer, and writing desk. When I have guests, I just clear out the paperwork and welcome my friends and family. No formality, just a room that serves its purposes and is warm and inviting.

How nice that you have a room without a TV. Going by your inspiration pics, it sounds like formal to you just means not a playspace or TV room but a grown up room. I think Jan's layout is great and I agree that love seats are not a good investment: a one seater that you can't even stretch out for a nap on - no thanks.

I'm no fan of accent walls. Instead pick a color you love for the entire room and use great artwork as the focal point. Perhaps find the artwork first and then base your upholstery and paint choices around it.