it looks like there's a curtain on the right end of the wall. can you hang another curtain to cover up the wall space in discussion? that would certainly add more color.

you could even hang up a giant painting or print on the wall, and have the curtain split and be pulled back to reveal the picture when you want to show it off. tho that might not go with the aesthetic you're workin towards. but even if you don't have a picture, i think the curtain would be kind of nice and not cost a lot of dough. or necessarily take much effort.

Why is it stumping you more than any other wall?

You have the regular range of ideas available to you as with any wall... accent paint, wall graphic, hanging pictures, raised modular tiles, mirror tiles, Rasterbator image...

great wallpaper that would be too much if hung on a larger area.

One word: Artwork!

Either one large piece (go to a vintage poster gallery and invest in a great piece), or a collection of smaller pieces, hung salon-style.

If you're lacking storage space, this would be a great place for shelving

Mid Century Wall sculptures and hangings seem to be all the rage right now!

I think the shelving is a good idea as well -- I love the look of something like this

some great ideas above. another one to throw into the mix: blackboard paint. would add a bit of depth and contrast. I painted one of my kitchen walls with it and it looks really nice next to my lacquered white cabinets (noticed you have a lot of white going on, too). It just adds a nice, calming feeling to the room.

Pick a color and paint it. Don't hang anything on it.

How about some string art--maybe based on some of those funky wall paper patterns?

I saw it here:
http://www.apartmenttherapy.com/ny/house-tours/inside-out-gehry-and-lanyas-life-meets-art-024144

If you don't want to put that many pushpins in the wall, large foamcore panels might work. Could be a cool inexpensive DIY art project.

Why not try your hand at a Kandinsky print/painting? Could really livein up a square white wall!

circa 1950s advertising poster simply framed.

I can't believe no one has had this yet, but what about a shelves for books and art pieces? I can't actually afford their shelving, but Atlas makes some very attractive products.

http://www.atlaseast.com/index.html

Outside of art, (which seems a natural suggestion given how we only have a wall to look at :-) ) perhaps another seating area? Like a small table chair lamp small framed art to create a natural area to jot down notes, drop down keys/cellphones, do homework/crosswords/sudoku, etc.

Or, a credenza for storage.

If you're on a budget something like this from IKEA maybe can give a pop of color.

Either way I guess art is a necessity. As a student I'd probably seek more storage, though. :-)

try this?
http://www.urbanoutfitters.com/shopping/product/detailmain.jsp?itemID=26663&itemType=PRODUCT&iMainCat=336&iSubCat=593&iProductID=26663

Wish I could see more of your apartment. Do you have a flickr site? It looks pretty cute. I see a shadow on top of the wall. What is this? A shelf?

Anyway, here are my suggestions for what they are worth. Buy a large canvas and paint it in a solid color that you like. Place a bench in front of the wall where you can pile up books and candles. I think your place really wants simplicity, so don't do too much.

I hope you will post your decision. Good luck! Looks like you've done well on a small budget.

What's special about that wall that's making it harder to handle than other walls? Is there something about how it relates to the rest of the room that rules out painting it an accent color and calling it done?

If you have really abstract PHOTOs or any of your own that you think you like most, just stick on it.. of course you need a board to make sure the wall will not full with holes later.. but putting those pics would definitely be great..

découpage

Aquarium - free standing, or built into wall
see
www.aquarium-design.com/tank/bruce.html