Our daughter's current room is about 6' x 7', so probably the size of a lot of people's walk-in-closets. We kept things simple and stuck with the basics:
In her space we have:
• one comfortable chair for sitting and reading or snuggling. This one from CB2 worked well for us and we plan on using it later in the living area. It's low to the ground so it doesn't overwhelm the room, but it has enough space for us to sit on it with our daughter. (For nursing- not so great.)
• a crib from IKEA. We really like the look and quality of the IKEA cribs- plus they have a much smaller footprint- and convert to a toddler bed.
• one rather large air purifier!
• one shelf on the wall for holding a small lamp, a few decorative items, and a baby monitor.
• a small Malm dresser from IKEA also- with a changing pad on top.
• a hanging fabric pouch from Anthropologie about 5 years ago. We used to use it to hold our mail in a previous life, but now it hangs on the wall next to the dresser and holds diaper cream, spray, and vitamins.
That's it. A few personal touches like artwork, photos, and pillows make it a special little place for her, but there aren't any toys in the room so it's mostly used for sleeping or reading before bed (or dancing in her crib which happens quite a bit also).
Those are our basics. What would yours be?