Canopy beds are a classical timeless design. They work in adult rooms as well as children's rooms, especially if your space is in need of some upward visual interest.
The Italian Canopy Campaign Bed - by Anthropologie (pictured in the photos above) - is by no means a true high at $1250 for a twin but as far as children's beds go, that is on the higher side.
For a cheaper alternative open up a PB Teen Catalog.
The Maison Canopy Bed is on sale now for $499 for a twin. A steal if you ask me.
Some fun ways to dress up a bed like this include custom drapery around the metal frame as shown in the Isabel set from Serena & Lily below.
It even works in a more masculine room, Grant K Gibson used the Pottery Barn version and added a headboard for comfort and style.
I personally love canopy beds and can't wait to get one for my daughter someday as I always wanted one. I think girls long for canopy beds and boys for bunk beds. What did you always want growing up in your room?