If you are keeping the rug, take the blue or pink out of it, and use that as paint colour. Only problem is I think the rug may be too small.

We like to consider each room as a whole, can you post different views please? Leave out things you're not keeping in there.

Art, blinds/curtains, maybe a nice mantle over/around the fire?....I think there is more value in those things than a feature wall.

I agree with Mel

and Please don't paint the wall pink! Yuck

lol. Nice room to work with. :)

nice colourful artwork since your lounge and rug are a bit dark ..

If you're going to do a feature wall then render it or clad it with bricks, pebbles or timber..etc a textured feature wall rather than a painted wall ..more interesting to look at ..

I've gone to have a look at this mob and their wall claddings

http://www.rocknstone.com.au/surfaces/walling-cladding.html

you could clad your fireplace :)