Posted: 04/08/2012 at 23:08
I think I'd strim it down, cover it with a weed suppressant membrane and spend the rest of summer and autumn discovering what plants you have in the borders. That'll give you time to decide what you want to do with the lawn, there are some excellent wildflower turf meadows you can buy and they look very impressive (even just for a small part of the garden).
I wouldn't get rid of the lot as you may have decent plants in there that either haven't flowered yet, or have flowered already this year. It would be a great shame to lose them. If you're unsure of what anything is just pop a photo on here and I'm sure someone will identify it for you.
Good luck with your new patch.