I am rewiring my livingroom. I have it ripped down to the studs. Can I put 5 outlets, 2 small recessed lights and a ceiling fan on the same circuit with 14/2? I know that ideally lights and receptacles are on separate, but I want each room on its own breaker.

There is no problem with putting lighting and receptacles on a general use circuit such as this. Only certain rooms require lighting and receptacles be separate, such as kitchens, dining rooms and laundry rooms.
What you are suggesting is fine and not too much for this circuit.

NO problem. But you must use a 15 amp breaker with 14 ga. Wire. The only down side, and it's minimal is if you should trip a breaker with a device in the outlet you will be in the dark.