We've seen it done before in loft-like spaces. In order to create and define zones, people will use furniture pieces as borders and transitions from one use to the next. It's a clever tool to use in children's rooms as well.
If you want to carve out a separate play space in your child's bedroom, using a piece of furniture that doubles as storage or play, or even both, is a great way to do it. This play area is defined by the tall shelving piece that doubles as a theater or storefront. The child's bed/sleep area could be located on the near side, separate and distinct from active play. If your child's room serves as both a place to rest and play, is there a separator of some sort?