If you can't clean up the painted edge, you could always add a 1x3 piece of wood as molding. You can even carry it up to the ceiling to frame that wallpaper. I don't see that paint color in the wallpaper, or maybe it's a lighter version of the flower centers. Maybe stencil on a design using the darker color, or another color from the wallpaper to help tie it together. Then narrow floating shelves or vertical frames or something in the painted areas it you feel you need it. Maybe turn the bed around so the wallpaper is the headboard.

This Cabinet is $155 at Ikea. You could take the 4 items you had hung, and put them in a "shadow box", or individual deep frames to tie then together, to create I piece that looks more substantial on the wall, Then add a little ledge for photos, and you would even have room on the cabinet for the cool bottles that were on the floor, and that cool chest could definitely find a home as an end table, or entry table. You could also add a larger plant in a really nice pot in turquoise. The cut and paste renditions arent always completely accurate in scale.

Perhaps a large round table might mean a rug is not at all necessary. It could be a metal tray table, or carved wood like Rebecca Mitchell Interiors illustrates. Ideas also to consider, using multiple tables can be found at http://www.houzz.com/multiple-coffee-tables. I also agree with comments above that some color is needed on the walls. You could then hang round mirrors, or an unusual curved shape like RMI shows above.

@Studio Chippan, Thank you, for your response and the reference pictures. It offered me helpful insights. I agree with you regarding the 3rd-photo. This illustrates that 3 paint colours in my living-room will not work (even if 2 of them are white!). This also means that I can no longer go with 8300/Confetti as my choice of white for walls (as much as I like it, it will dull/dim my rooms if I paint that on my ceilings as well, especially my north-facing rooms). So now, I need to find 1 single-white that can go/complement with my 2 adjacent accent walls in 8307/Quicksilver, and that can be used on my ceilings as well (and the walls and ceilings of all the other rooms). Any suggestions? So far I have sampled the following Asian/royal white(ish) shades (I’ve added my take on them beside it, but it is only my own perception of these shades): 1) Base White (the one without any tint): boring, clinical, too bright a white for walls 2) 8300 /Confetti: not too cold, not too warm, my favorite white among the ones sampled, but too dull for the ceiling 3) L104/Cotton Wool: seems to have a slight-pink-undertone(?) on my walls, too bright a white for walls 4) L109/Icy Peak: boring, slight-green-undertone(?), but might work for my walls+ceilings requirement 5) 8332/Snowflake: this is a very nice grey, but I am looking for a white (for walls+ceilings) 6) 8308/Whispering Smoke: this is a very nice grey, but I am looking for a white (for walls+ceilings) 7) 9483/Clear Sky Night: this is a nice grey, but I am looking for a white (for walls+ceilings) 8) 8299/Ice Age: this is a nice grey, but I am looking for a white (for walls+ceilings) 9) 8292/White Gold: this is too warm a white (strong pink/peach undertones!), ruled-out. Why 8307/Quicksilver, and why 2 accent walls (if I may call it that) instead of 1? This particular vertical-line of the fan-colour-deck is the best match with a wallpaper that will be applied on an exposed beam (~L:15’+15’*H:1.5’*D:4”) running along the ceiling on 2 of my living room walls. Shades along this deck-line are: 8308/Whispering-Smoke (one of the whites you suggested above, but too light a grey for accent), 8307/Quicksilver (seems like the right density for me), 0615/Silver Grey (gets too dark for me from here), 0643/Steel Grey, etc… *Disclaimer: I do not claim to be a minimalist; I am merely trying to be one. However, I did not succeed with my living room design; and now I only hope it doesn’t get out of hand and OTT.