Cheap Wall Art

I'm wondering if something like this would work in our living room.  You see we just bought this house a week before Thanksgiving (yes, just over 1 month ago).  Now, it's our second home purchase so we already had all of the basic essentials taken care of.  However, this house is more than twice the size of our previous home.  Therefore, not everything fits where it used to.  Plus we have this raised paneling effect in our living room that we really liked when we first saw the house.  However, now we just aren't sure what to put on the walls in there b/c our one large wall is chopped up into three even sections.  It is really starting to make me  very angry wonder what to do there. 
You can see what I'm talking about here:

This just shows two of the three panels and please, please, please ignore that terrible cord running down the wall and around the corner....  That would be the doings of my hubbers (or as I like to call him "Diddles").

I'm thinking it is worth a try.  It appears to be a rather cheap and easy craft - and that just happens to be my favorite kind.  I've done something similar with wood frames and I stretched various fabrics over them.  However, I've changed decor and they no longer are worthy of my wall.

And while we are at it, take a look at our fireplace.  I'm still working on what to do above there also.  I don't want to just throw something up there...

I have a feeling I'm going to try a few things before I find something that works.  Oh well, I'm sure I'll have fun in the process!