Add a wall shelf and accessorize it with colorful kid friendly items, maybe a picture of the proud parents. I would also add an area rug, a comfortable chair upholstered in a color pulled from the crib bedding. Add curtains to the window instead of the balloon valance.

I have a chair coming...just not in the pic yet. Good suggestions. Thanks for the post!

I like the accessories you have but the dresser does not look good blocking the window like that.

Yes the dresser must not blocking the window. Add a colorful carpet on the floor. The mirror will be a good suggestion. For example:
http://www.furniturenyc.net/product/tuscano-wall-mirror-in-beautiful-biscotti-aico
http://www.arearugsusa.net/product/forum-square-rug-in-chocolate-sea-and-moss

Rather than the medallion wall art, look for some child-centric art on etsy like a personalized birth announcement or an adorable silhouette.

The dresser looks like it "outgrew" the window. Do you have another wall to put it on?

The room is missing a pop of colour. My suggestion would be to paint the cabinet and also move it away from the window. Take baby's first outfit or like the christening out fit and get a nicer hanger for it and then display it.

Move the dresser between window and wall and add a toy box (fabric top?) under the window!

Great paint choice!