Here is a photo of our living room when we moved in about 3 years ago:
Not that great, but not as bad as many of the other wallpapered rooms.
All we did to this room was painted the trim, removed the dated blinds and replace with curtains, painted the fireplace a creamy white (Behr, lunar light) and replaced the carpet. We added our existing furniture and accessories.
If you are interested, you can see a few of our other home improvement projects here: