What do you guys think of my newly finished lounge?  

I would start by removing all...
I would start by removing all of the throw pillows except for the one with the big dots. It goes well with the other bold elements in the room. The others are a bit on the fussy side, or just too bland.
It looks like you have four (?) large paintings all in the same style and colors. Can two or three of these go into other rooms in the home? One makes a big statement but four kind of dilutes it. It is possible to have too much of a good thing.
I like the cowhide rug but am not so sure about the coffee table base on it. It has a random look that competes with all the randomness in the rug. I think something like the Barcelona coffee table would work better---straight lines, clean, simple.
I kind of agree about the sofa being not quite right, but that's an expensive piece to replace and i think if you tweak the minor things in the room, it'll look better.
Totally agree on clearing the area in front of the sideboard! And the top of it, too.
If you have storage space, consider putting half or 3/4s of your small pieces away and rotating them in and out of display to keep the room interesting.

MarkTulip, do you know who...
MarkTulip, do you know who designed your credenza?
I scored one over the weekend that is identical.
Thanks!