ROOM OF THE WEEK (BUT WHAT KIND OF ROOM IS IT?)

I adore the work of photographer Eric Piasecki and actually had several rooms that he's shot up for Room of the Week today, but I decided to go with this one. Why? Because I think a little conversation needs to be had...
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I love this space. But what is it? Or what could it be? As I start brainstorming layout ideas for my new apartment, I keep look at this thinking that maybe it really is a great all in one space? Sofa, dining table, storage, bar... yup it's got just about everything... But does that make it highly functional or completely confusing? I actually adore every piece and detail - especially the scale and finishing details of the furniture and those warm walls... I'm just not sure it's defined enough?

What do you think? Is it a just a pretty face in a sunny spot, or does it have potential to be translated into a little apartment setup?