Adding some color or fun wall decals would be a great way to finish off the wall above the crib. As children get older and more curious they start to grab and pull at anything within arms reach so keeping the wall clear of grab-able items that could harm them if they fell is most ideal.

A full wall or smaller decal would be cute.
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@Carolins, we agree, lovely inspirations. Wall mural also would look great :) Check out our examples, maybe something will inspire you!

Love the suggestions so far! I also like the look of a wide stripe down the wall, and then a mirror above. Or you could do a sweet canopy!

Thanks for the ideas so far... Would a canopy look too feminine for a little boy?

lydiafwalker, I wish I had a photo to show you. Our daughter and son-in-law just finished the nursery for their soon-to-come little boy. They put a very large, framed pegboard on one wall above a long dresser. The pegboard is about the same length as the dresser (or a crib) and maybe 30" high. Their nursery has pale gray walls with white trim, so the pegboard and frame are white (as are the dresser and crib). The pegboard will be used for hanging/attaching soft items at first, and can adjust to to other things as the baby grows.

This isn't at all related to your question, but your photo made me think of it since your wall color appears gray-ish on my screen. They also purchased a glider chair and ottoman very similar to the ones in Maureen's "Lakeside Home" photo. The fabric is pale gray with white contrast piping trim...a great look in their nursery!

Hire a muralist to paint a scene from a wonderful kids book like Velveteen Rabbit or a Beatrix Potter classic.

I sort of feel that a canopy for a boy's room is a bit too feminine. Also, consider that it can't be used for very long...once they start standing in their crib and are a bit stronger, it can be pulled down becoming a safety hazzard (just like anything on that wall - mirrors, pictures, etc. - unless you are going to pull the bed away from the wall a bit).