We took up the carpet in our music room and WOW what a difference it made. The room definitely looks better because the carpet was shot, and there were beautiful hardwood floors underneath. I am not quite so sure that I like the acoustics of the room now though. We have quite an echo going on.
Oh I bet the room looks a lot better, but yes, it makes for a very live room. Have you considered an area rug? You will still be able to see the lovely hardwood around the rug but it will help with acoustics.