Living Room Sofa Search and Layout–Help!

Part of my home improvement budget is a new sofa and chair(s) for our living room – our current furniture is a mix of our ten year old gigantor leather sofa and big boy chair and a *gasp* futon.  Wanna see?  You know you do…

Niiiiice, right?  The futon cushion is practically sliding off the frame and there’s kid stuff everywhere too – real life right there.  Now back to the leather monstrosities – we bought these for our first home and this style was pretty popular at the time.  Big furniture was where it was AT, yo.  Seriously, the armrests alone span a good twelve inches.  Each.

The sofa and chair have served us well and made for very easy cleanup of the various things spewed by our children over the past eight years, but their time is up.  I’m done with the leather.  I’m done with brown everything.  I’m ready to get some style in this place!

Here’s my dilemma though – how do you place furniture in an open room like this that’s a decent size, but not huge?

The entry leads to the right side of the living room so it seems odd to have a sofa on that wall.  I’m thinking my grandmother’s piano would be great there if I ever figured out how to move it here or if I happen to find $500 laying around to pay a moving company to bring it to my house…

Since the TV and fireplace are in the center of the room, the placement pretty much needs to be in the center, don’t you think?

I was thinking of going with the EKTORP sectional from IKEA placed facing the fireplace and kitchen.  I love this from My Sweet Savannah.

I’m worried it’d be too big for the space, but who knows…

Looking at this angle however, it might work, especially with the piano behind it (and the plate wall I have daydreams about).

Another thought?  The EKTORP loveseat with chaise on the end and then two chairs flanking the fireplace?  Ugh – I just don’t know!  I’ve searched oodles of Pinterest rooms and can’t find much but here’s one from Hooked on Houses…

I’ve read mixed reviews on the EKTORP, but I’m not worried.  My sister’s had some EKTORP furniture for a long time and hers are still in great shape.  Since my budget is limited and has to last through the other plans I have, I can’t afford to spend a big wad of cash on furniture.  My sister and I might also be stopping by IKEA this weekend so hopefully I’ll get to try these out for myself and can get a better idea of size so I can plan my room.

What are your thoughts on a good furniture layout for this room?  I need help!