Love the simplicity of this. Need to figure out what to do with our dark gray couch. My heart wanted a crisp, clean white, but my head told me that our 45-lb. dog would ruin all chances of its survival. (At least the charcoal gray will be perfect for a man cave couch when we eventually purchase a house!)
Built-in or built-out shelving is an excellent idea for framing a fireplace, or even an entertainment center. This is a bit more involved but still manageable for DIY'ers. Hire an electrician to add some extra outlets.