I needed to fill this up with joint compound and smooth it out to the depth of the rest of the wall, which I admit from the pic above isn't particularly exciting. The pics below are what are the real prize, at least in my eyes. This painting by a local artist has been sitting around for the past year waiting for me to get off my butt to fill and paint the hole in the wall. I bought some picture cord and celtic inspired bronze hooks from rejuvenation which I think are pretty swanky. I think it complements the room with a touch of old house charm. You don't see that kind of thing anymore. Looking at the pics I think it might be a tad too high, but I'll let my wife worry about the aesthetics.
Check that hardware.. :)