The formal living room: a staple of the 1950's American home, the room that was your front line for entertaining and a center of design for home architects. It was once considered one of the most important features in a home.
Now, the living room has fallen to the wayside, and sometimes even been a non-seller for today's home buyers. Today's home living and entertaining revolves around two things: food and television. Most American's spend the majority of their time in the kitchen and in the evolving great room. Home designers today center their designs around this new "it" room. The great room layout, a large open space for the kitchen, informal dining area and the living room all in one, has made the formal living room obsolete. Families today do not want to waste money furnishing a room that is only used once or twice a year. That space is better used for a large open family room.
Brown Design via properhunt.com