So this room has sat empty since we moved in. {Aside from the occasional stray toys...} It's a little overwhelming coming up with 5000 square feet when you just came from 1600. BUT I think I have decided that instead of having it as a "Living Room" as we had originally thought, we're going to use it as a dining room.
I think we would use the additional eating space more than extra "sitting around" space. Especially fancy sitting space. And it's seems much easier to find a great deal on a table and chairs that I could fix up than trying to find a good deal on a set of couches that will look nice. I've seen some great projects that people have done to get my creative juices going.
Hopefully we'll eventually take out the carpet and try and match the floor to the hardwood we have in the entry/kitchen already. But I think we'll just use it with the carpet in there for a while.