A plank wall. Trendy yes, but also a good cover for an old plaster wall. I kind of used this tutorial. Except I used masonite (the guy at Home Depot cut all of the boards for me for free; for real). And lots of liquid nails. And lots of perseverance. It is not perfect but it gives the room a nice texture and is way better than the chippy plaster wall (still needs some artwork or something).
The sign over the TV is part of a vintage sign from our garage (I know the EV. 5 is Evergreen 5...an old-school phone number). It fit the black and white theme and gave some interest to the back wall.
The monster sectional was a Craig's List buy. We drove to Chicago to pick it up and stopped at Ikea and bought the TV stand (Besta), side table (LACK), bar stools (GLEN) and pillows (Stockholm). The other pillows and the ottomans (outdoor!) are from Target super clearance.
It's not a total guy spot; I can clear out the room for myself when I start watching Downton Abbey.