I just visited a client today in the Palisades and we're changing a current bedroom into a grade school playroom. Here are a few inspirational photos that helped me get the juices flowing. All very different on different budget levels, yet still all inspiring.
The glass orange pendant below steals the show in this stark white playroom:
A quaint playroom in the attic of Barbara Garfield's home featured in Coastal Living. I like how the books become artwork when displayed on top of the short windows.
A craft wonderland, complete with storage, display, and work surfaces. And check out the oversized paint brush and palette:

The simplicity of the painted tree trunks and the custom slide with hiding space below is modern genius.

Another craft room - absolutely HUGE and wonderful, seriously where is this? Oh, in Atlanta for a show house, that makes more sense :)

For those of you who have a playroom off the kitchen or family room, this is a nice design using sophisticated colors which do not scream toddler. I'm a big fan of the eggplant and large white molding.

Yet another room which could work as an adult seating area or a playroom:

Honestly this one is one of my favorites, with the mini game table and custom toy boxes.

A wonderful way to hide all those toys; behind Ikea cabinets.

The orange
cubitec shelving below adds a fun pop of color and is easy on the budget, but buyers beware, we are having the hardest time finding storage baskets that are 15" to fit into them to hide toys.
A traditional playroom with plenty of seating for mom and dad & friends. The stripe couch is a nice touch as it hides stains and is a playful punch of color. I also like the cork or grasscloth wall where the personal desk are to allow for plenty of space to display artwork and to-do's.
Another playroom just off a common living space: