You could do SO much with that space! You could paint most of the walls a nice tan or khaki colour (think neutral) and then add a splash of colour with a bold "interest wall" and paint it something in the deeper end of the burnt orange family. You have tons of natural light, so going dark on one or more walls will definately liven up things. Add some fun, colourful accessories to match -- throw pillows on that yummy couch, candles, lamps, etc. It would warm it up a lot!

with so much going on in the room, the wood trim, high ceilings, loft - you might just try an accent wall with a strong color

paint the trim white, and any colour you use on the walls will look infinitely better. you'll still have lots of wood left on the stairs and railings.

I agree, paint the trim. Unless walnut, mahogany or other special wood I generally dislike unpainted wood trim. That will also drastically open up your color choices.

But, if you would like to keep the wood trim, I suggest a light buttery yellow (look for a yellow-y beige, which will appear more yellow when on the wall). It will be light, sunny, airy and harmonize well with the leather couch, trim and carpet.

I agree with "ilovebutter" and love the idea of a beautifully neutral yellow-y beige color on the walls. Rather than a bright punch of color as an accent wall, I would prefer to use accessories (rug, art, pillows, etc) to bring more color to room.

Hard to tell if that sofa is a typical brown leather couch or something more like grey. Makes a difference.

If it's grey - a warm grey could be lovely. If it's brown a light buttery yellow or khaki would be good. What about a bright green accent wall? Something in the Granny Smith family?

I'd paint the wood trim, unless you are absolutely in love with it. After that, maybe a very light, orange-y caramel color on the walls? It seems sort of cold now, so warm is the way to go, especially with those brown sofas.

I would paint the trim white if you can (some people don't like painted wood), and paint the walls a pretty blue color and get some nice throw pillows, maybe some art or photos for the wall. Definitely do something to catch the light of that beautiful sky light and emphasize the height of the walls!

Do you want the room to be calm, or vibrant? What colors do you hate? Taupe would be calming, a deep Tuscan yellow would be vibrant. An Oxford blue would be pretty, and cooler. The room could use some large, vivid artwork on those large walls.

Thanks everyone for the suggestions. I am NOT a fan of anything that resembles beige (which is what is there right now). Theora55, I am uncertain about the calm/vibrant scenario. I was thinking white only b/c I thought I could add lots of colour through artwork etc...but at the same time am afraid it will look like an ice box. If I could come up with the right shade of a vibrant colour I would go for it. If I were to paint it grey...does anyone have a prefered shade? I can't bring myself to paint the trim white.

P.S: The existing furniture is not a great concern b/c I will be changing it.

I have the same wood trim and the only color I have tried that I really love is a pumpkin orange (a little brighter than burnt orange). Other than that I am having the same problem as you except my place is smaller and fairly dark - I am contantly fighting the urge to paint all of the trim white.

A bright rich cranberry accent wall where the television is would look incredible. It would compliment the wood and the leather couches nicely

Caliloud has nailed it with the burnt orange remedy. It helps to stop thinking of the wood trim as 'neutral'. All wood has colour and in this case the wood trim appears to be a golden brown with a strong orange tint. What harmonious colour would you choose to make that trim colour work, given that you're reluctanct to paint the trim? Wall colours close to the trim colour (like Caliloud's pumpkin) will have a neutralising effect, while blues (the opposite of orange) will make the trim pop with strong contrast.

So if your goal is to make the abundance of wood trim in the space (and there is a lot of it!) look less busy, choose a a paint colour for the walls that's close to the colour of the wood. The bolder your choice, the more the trim will recede. Try using a lighter tint for the ceiling and a deeper shade for the fireplace wall that's now red.

And get some dark area rugs to put down over the beige carpet if you can't replace it. That pinkish 'contractor beige' carpeting doesn't really work well with any wall colour.

Chinese red

i think any color with white trim will be nicer than what you have. painting it will be time consuming but not hard ... and worth it!