We started a new project using Ikea Billy shelving units. This is actually 5 different shelves that we put together. We added a top, trim, and paint. Voila. Looks like built-ins.
I filled the shelves with a bunch of our junk, but it was much needed storage. I still need to get some baskets and bins and decorative goodies, but I'm really liking it so far. I feel like it really opens the space up a bit, and I think we'll be getting a lot of use out of it.