IKEA Hackers: Wall of EXPEDIT: Workspace Plus Storage Plus TV. Love this idea for playroom upgrade - room for 2 kids, plus room for small TV and chair. Lots of storage. Desk can be used as wrapping station too.
a hinged full length mirror from IKEA (Stave mirror - that is x hides jewelry storage -- brilliant idea from The Girl on the Go! I would use a thin sheet of plywood cut to fit behind the mirror so I don't put so many holes in the wall.