We finally finished the play room! At least, for now. I decided that the kids really needed a lounging/relaxing area (well, I needed a lounging area for when the baby arrives at least!) so we improvised this little reading nook.
The ottoman was left in our basement by the previous owner of our house and was in very good condition. I originally wanted to re-upholster it in some fantastically whimsical fabric but it was in such great shape I couldn't bring myself to spend the money. A basically free redecoration is a-okay with me!
The current favorite rotation of books is stored in this great cedar tool caddy, which was a part of their summer solstice gifts. I think this may become my go-to present in the future--it's simple, handmade by a local craftsman and environmentally friendly (he makes them out of cedar scrap leftover from outdoor furniture.)
I'm happy with how this room has come together and I see it meeting our needs for quite a while. Quite a few more notes and resources can be found here, the play room Flickr set.