if you want an accent, i'd chose the roman shade in deep tones. however, i'd personally want the window to blend so would choose plain white wood blinds or maybe even a honeycomb type shade in white. you have a great looking room - love the colors, trim & bed - especially the splash of blue pillows.

Looks like you're on an upper floor? If so, a top-down/bottom-up shade would function nicely. Keep the top open for light but have privacy from below. I would go for something light in color, mounted inside the window frame. No drapes—show off those moldings.

Definately the bottom up shade. We got ours at smith noble online.

Somethin' snazzy.

Cafe/plantation shutters are subtle and add privacy while still taking advantage of the light through the top of the window. I'm pretty sure that if your window is a standard size, cafe shutters can be purchased pre-fab at Home Depot or the like for a reasonable price per window. (It's when they are custom sized that they can get pricier). Also, they likely wouldnt compete with drapery if you chose to add a rod with sheer panels as additional window dressing.

Great bed/headboard btw. :)

I'd put floor to ceiling drapes, extending about a foot to either side of the window, to make the room feel warm and cocoon-like.

I love my Levlor top down bottom up cellular shades. I think the color Snow would be a great match. (Not a secret Levlor rep, I promise.) I ordered mine at Lowe's.

What about yellow curtains for a shock of color?

The grey feeling of the room (the paint color and the light) reminded me of a room none other than Julianne Moore decorated in an issue of Domino. She used these yellow drapes which I think would look great in your room. I went searching for a photo and found it right here on this site.

See the photo of the bedroom, with the blue bedspread:

http://www.apartmenttherapy.com/chicago/blogging/before-after-julianne-mooredecoratordomino-0508-049198

I think your room needs a Boom-POW! shot of poppy red!

Maybe you could go with woven, textured shades for privacy and one of these, painted or covered in the aforementioned orange-y red color:
http://littlegreennotebook.blogspot.com/2009/09/easy-pelmet-boxes.html

I love pelmet boxes!

Aside from privacy how do you want the room to feel? Luxurious, minimal and serene, light and airy?
I agree with the other members that if you want blinds then the top down version would be ideal. Cafe curtains would also provide the privacy and light you seek.

I am really digging on the plantation shutters idea -- I had shutters in my room growing up and they're incredibly versatile. And they would go well with the clean-cut, tailored look of the room.

"What about yellow curtains for a shock of color?"

The guy clearly already has navy blue and orange in the room - Why suggest yellow?

I'd do the floor-to-ceiling draperies - and stick w/ either White, Navy Blue or Orange for a cohesive appearance.

I think you shoudl go with your gut and go with roman shades - nice and simple.

Why not the best of both worlds?
How about 2" wood blinds the same stain as the bed, along with floor length drapes in white.
You can control the light and privacy with the blinds, but still have the luxurious look of drapes. (which should be mounted to extend 10-12" outside of window frame)

Normally I loves me some Roman shades, but in this case they aren't really going to give you the filtered light you are looking for.

I'd play up your white-as-a-color theme and do a layer of white sheers across the window it flanked by white linen (stationary) drapery panels hung as Lisa describes.

If you want to tie the window into the bed design, hang the white linen panels from dark wood hardware.

I think you need a different bed frame (or a smaller bed). Your bed is making the whole room look small.

Your color choices are very close to a friend's bedroom. She got custom honeycomb shades in white or cream. (not sure) They provide complete privacy and when the sun shines through it is the most lovely light.

If this is not too girly for you and you're up for some DIY (or a friend is), maybe try something like this curtain made out of felt circles: http://www.designspongeonline.com/2009/10/diy-project-chelas-fabric-screen.html

If you want straight lines and something to match the bed, you could go for dark wooden blinds (e.g. from IKEA).