The entry is what sets the tone for the rest of the house. This is not normally a gathering space but more of a pass-through area, so you just have a few moments to give your guests a feel for how you live. Don't be afraid to be a little bit more creative in this space.
If your foyer is small use accent lighting adding depth and dimension to move people's eyes around the room. If you have the luxury of a very large space with a high ceiling then use a large decorative hanging fixture to help create a secondary ceiling line, giving a more human scale to the space.
Whether your entry is tiny or spacious, you want to create a sense of welcome. GOod lighting helps to draw people into the room, making them feel both intrigued and comfortable. Having interesting objects in the entry can certainly get the conversation going. Don't be afraid to use bolder colors here, you want that first impression to be memorable. Often paintings and sculpture have a little more presence in a room when the wall color behind them is more saturated.
The lighting, while dramatic should always be subtle. Let the decorative fixtures create the illusion that they are providing the room's illumination. Use small aperture recessed adjustable fixtures to highlight the objects in the space. Create a setting that let you be the star of your own home.
This entryway in the image above is only 12' x 12 ' with an 8 foot ceiling. The twig and paper hanging fixture creates wonderful statement when guests arrive. Even though it feels like all the light in the room is coming from the central fixture it actually contains only three 8 watt compact fluorescent bulbs that provide 40 watts of illumination apiece. They are dimmable and last 25,000 hours. The real accent lighting comes from recessed adjustable low-voltage fixtures that highlight the red lacquer chest, the large ceramic jars and the mid century modern chair.