Built-in fireplace surround, elevated crown. I would like to leave the TV space open, not box the size in. The mantle would be amazing, after having nothing but an old fashioned gas heater for our 'fireplace'. The bookshelves if done properly would amazing. The white paint would be okay, better an aged patina, but a wood stained to match our floor would more compliment our look.
I love this built-in entertainment center around the fireplace, the open shelf-cupboard combination and the tv mounted about the fireplace. Only thing I would change is that mantle to a reclaimed wooden one and maybe extend the stone work all the way to the ceiling.