You have great structure and elements that should be highlighted! To add in your modern rustic style try switching out the outdated light fixture to a more modern looking one. In addition, painting or removing the paneling will brighten and modernize the space. At ATGStores.com we have everything you would need to renovate your space. We chose this chandelier that we think would look great in your space! https://www.atgstores.com/chandeliers/hinkley-lighting-3508ol-6-light-casa-chandelier-olde-black_g325644.html?ProductSlot=29

looks like a great room for a home theater with ceiling mounted projection and drop down screen!

Bev's got you on the right track - I want to see more pictures - the pony wall with brick topping on the right has me curious about how this flows.

Color wise - with the wood tone of the beams, instead of white, use an off white with a wood undertone like bm winds breath http://www.benjaminmoore.com/en-us/paint-color/windsbreath to wash your fireplace . .

go with a tad deeper shade for all the walls, bm stone hearth is a great one for the clubby feel you want to create http://www.benjaminmoore.com/en-us/paint-color/stonehearth

see it in a room here http://www.benjaminmoore.com/en-us/for-your-home/rooms-by-color/distinctive-dining-room

and a white like bm maritime white for the ceiling (flat) and the rest of the trim (glossy) - you want to shift all the whites down a notch to a warm woody white.

lose the blinds and hang a drapery rod that extends past on both sides considerably so you can stack them back .. . off white twill grommet top drapery . . bronze thick rod

As for the floor, a great budget solution is a vinyl wood look plank = very inexpensive, wears like iron, holds up - run it parallel to beams / perpendicular to doors / light source. Match the existing beam tone - a little darker than average. If this is too inexpensive for you, try cork.

Consider a sectional L that has a leg towards the tv wall and towards the sliding glass doors. Pull it 12-14 feet from the television - do a smaller scale chair on the left side of the fireplace.

sofa table behind the leg that splits the room - in the back half of the room, consider a round table with four comfy upholstered straight chairs . You can sit there with a laptop, a snack, spread out with homework or craft project.

Miacometlady, no hardwood under the carpet and yes i've considered drapes. I will definitely be removing the vertical blinds and pulling up the ugly brown carpet :)

Here's the Other half of the Great Room in its current state...I'm not interested in making it a dining area w/a table and chairs. I'm leaning more towards a seating-lounge area with a small table and reading lamp and a couple lounge chairs...suggestions??

I love a library table .. but you may want a smaller pedestal table. Four chairs around a large round low table or ottoman with tray with some small C tables and replace that fixture with a dropped pendant over the ottoman . .

If your aesthetic is more contemporary, then paint the brick instead of washing it.

Do not paint the wood wall. It's book-matched grain and adds a cool vibe. Initial steps: Get rid of the vertical blinds and hopefully there's budget to get rid of the carpet as well. Replace it with a smooth floor of some type. Paint the fireplace for a clean look; I'd probably go with white. Then get some furniture in place before you make too many other decisions. The scale of the pieces and their colors will give you clues on how to proceed from there. I have a long great room in a mid-century house I'm renovating and like you, I'm not setting up a dining table. Instead, I'm creating two sitting areas. One will be the main area with the couch and TV; the other end will be a cozier area with two chairs and a chaise lounge. You could do something similar, depending on your traffic flow.

Begreat, I've found that browsing decor over a long period of time, and saving one's favorites, then referring back to them later is a good way to determine your true preferences. (assuming you aren't in a big hurry) These lists can start to reveal a pattern about the colors and shapes that appeal to you, items which you are more likely to love for years to come.