Take down the metal thing from above it and paint the wall a different colour.

Yes! It would look great white!

No reason why you can't, if that is the look you want. However, before you take that big step, try playing with current decor, replacing some pieces & adding colour.

You can soften the look of the stone with some decor. For e.g. a charming fire screen for warmer months, spring thru to fall. There are some lovely design fire screens now which make quite an impact on their own.

Placing a large colourful glass or pottery vase on hearth. Moving fire tools over to edge of hearth, when not being used daily. I love wicker baskets on a stone hearth, another look you can consider.

Adding large plant/floral display in front of grate when fireplace not in use

On mantel, you may want to consider adding a colourful piece of wall art - can be propped on mantel, doesn't have to be hung, or a mirror. And move the topiaries. They aren't working in current position. With decor, we usually group in 3s, 5s - an odd number for more impact.

Look thru Ideabooks on fireplaces & you may get some inspiration. I will look for some suggestions for firescreens for you & post later.

I'm really afraid to commit to painting the stone... Might end up doing it anyway! I do need to change the decor over the fireplace for sure! Thanks!

I would recommend putting a thick slab of stone, like a bluestone, over the hearth to give it a cleaner look and put a large rectangular framed mirror over the mantel. Leave the stone facade alone, it will look hokey with white paint.

And I definitely need more color!

Lots of options to accessorize to get color, but only a few things you can do to add scale to the fireplace, which I think a thick piece of stone on the hearth would give you. And given the thickness of the mantel would pull it together. Can't tell what your carpeting is doing, but could also be a place to add softness against the fireplace if it were a warm camel or creme. Or, if your afraid of light colors then use those on the upholstered items and put in a dark carpet. Try to stay away from those 'fleshy' tones. They never compliment anything.

http://thedecorologist.com/?s=Painting+fireplace+stone. Check this out

That stone is awesome!! Don't paint it.. Just cover some of it up with a thicker mantle and legs.
That will stop the rock from being so overbearing.
I would do a masculant mantle with legs.. Something with a dark Walnut stain. The Hearth.. is another story.. scrap that Maybe have a local granite company do remnant granite Something chiseled.. Also take the gate off the front.. paint the firebox..(special firebox spray paint) put pillar candles or floral arrangement in the box

Excellent comments! Thank you!

Take it one step at a time. Start with decor changes & see if that accomplishes what you want. Then you can explore some of the other recommendations, taking budget & personal taste into consideration.

Agree with doing everything else you want and saving the FP for last. I'd remove the hearth and go for a new facade of stack stone, but that might not suit you.

if the fireplace is used t would be a nightmare to keep clean if U paint it........

I had a similar fireplace and anguished over painting it. I finally got some paint and a rag and started dabbing the paint on the stones. The more I did, the better I liked it. I ended up painting everything but kept a rag nearby and distressed the paint on the stones but left the mortar painted. I only wish I hadn't waited so long!

I like the stone, It's a neutral that will work with any other colors you want for the room. I would beef up the mantle to look more substancial. make it about 6"-8" high. I would repaint the fireplace screen (bronze) or get a new one in a contrast color. I'd paint the walls. Something less busy for the art above. Something dramatic and bulkier would be nice. You can always paint the stone later if you still don't like it.