I'm not sure how to decorate the open space about a TV. In theory, you'll be looking at the TV when you look at that wall, so you don't want a busy piece of art or something above it. There was a small white shelf on the wall when you moved in (as seen above) and we decided to put a few open cubes up to add a little something. I would love to get a flat panel TV stand and a flat screen TV to open up some space, but that's not currently in the budget.
In the above picture you can see how it looks now. I'm curious what other people put above their TVs.