I'd open it above like a 'pass-through' and bring the table out in front of it with a bench under the opening.

White, blue patterned, or even a bright accent color like red or yellow http://houzz.com/photos/10435177 http://houzz.com/photos/124382 http://houzz.com/photos/44046

I'd suggest dark red curtains if you need curtains at all -- the windows are beautiful as they are, and I'm not sure whether some kind of blind might not give you the ability to darken the room when you want to. On the wall, if you are real fans of any movies or TV shows, three big posters would be fun. Otherwise, I would still suggest using three pieces of art there of that size, all equal in size and somehow relating to each other. Three floral works, or three works in the same style, perhaps. I think a large plain textured rug in a light neutral from one of the cushion fabrics would tie the space together well. You might also consider a lovely low coffee table on the rug to lay out your snacks and drinks for serious media nights.

what about pale orchid(7231) in asian paints?? is it good for accent wall?