Speaking of doing without, this close-up profile of Denenge's Chicago "living/dining" room illustrates what she gave up in order to gain something else:

In addition to going without a traditional living room/dining room in order to have plenty of space to spread out and work (Denenge is an artist and designer), she also reduced the size of her apartment's largest room so that she could get organized: behind the white curtains are piles of fabrics, flat files, a small desk, and many, many ideas.

What are some traditional must-haves that you've decided not to have, resulting in a worthwhile compromise??