With an entire room at your disposal, have you thought of doing built-ins?

That is an awesome idea if I can get my husband to agree! We have a spare bedroom adjacent to this one that we aren't using. Love the pics. Thanks for sharing. Your chandelier looks like the one I fell in love with at Lowe's.

These are fabulous ideas

I actually took down the wall between my closet and the spare bedroom closet so I can walk into my old closet right into my new closet (room, LOL)

I have a dressing room that is fab. I put in wall to wall wardrobes that have shelves, baskets, drawers and hanging rods. I removed all the doors so I can see everything. It also forces me to keep everything super organized and neat. I painted the room Benjamin Moore Cloud White. I also had an old harvest table I inherited from family that I painted the same colour. It floats right into the room. I added an ornate gold frame mirror over the table and changed the light fixture to a chandelier. I found a great old stainless steel dressing rack that now holds all my beautiful dresses. I also added a Louis Ghost Chair which seems almost invisible. I am the envy of all my girl friends. Whenever I have a girls night at my house, they always want to see my dressing room. I have started collecting cool little mirrored, ebony and silver trays to hold all my makeup brushes and cosmetics. My husband now wished he had a dressing room. Too bad for him...absolutely none of his stuff is coming in! (ha! ha!) It's all mine and I love it!

Consider using Slot wall for part of your storage solutions.
http://www.bing.com/images/search?q=slot+wall+images&qpvt=slot+wall+images&FORM=IGRE#view=detail&id=9F541218A400E525111DD2D71B958B289B23BBFC&selectedIndex=6

What style do you like? I'd also recommend the chandelier and maybe a gray paint. Add some can lights in the room so you can be sure the lighting is optimal for dressing/makeup etc. I like the idea of some floor to ceiling storage for makeup, products etc, and similar open shelves for shoes, sweaters and the like. And in my opinion, every mirror should be framed.
To decorate a large wall, maybe a vinyl monogram of your initial? Just be sure it's large enough. Often I see the mistake of pictures or wall decor being too small for a space and it ends up looking odd.
Good luck!

Where did you get the Hollywood style mirror/vanity?

Are you in Canada ? if yes , there is a chain of stores that specialize in closets they are called "Solution " I suggest you got there as they have a great choice in closet built ins and all kinds of storage ideas that will surely help you decide what is needed to make it perfect for your needs.

I made my Hollywood stye vanity and mirror combo myself, I took 2-36" strip lights and one 48" strip light, mounted them to a piece of plywood, ran all the wires together so they could all be plugged into a dimmer switch that just lugs into a wall outlet and had a piece of mirror cut at a local glass shop to fit, I glued the mirror onto the plywood and the whole thing hangs on the wall like a picture (I ordered special hardware for hanging heavy pictures online) The vanity is just 2-24" drawer banks from Woodpro Cabinets and the vanity top is a 66" piece of Crema Bordeaux granite, I was looking for an antique desk to use but couldn't find one I liked so I made one!

I suggest, if you don't want to go with an idea as dramatic as built-ins, to first consider your color scheme, then think about the wardrobes that Ikea has; they look very similar to built-ins. Actually, if you look at closets on Houzz, there is a room that the designer used only the Ikea wardrobes and it looks very luxe for a fraction of the price. If i were to redo your wardrobe, i would first sketch out how i want it organized, like shoes, purses, clothes, makeup station, etc., then make a portfolio of good ideas of each one. Looks like TONS of fun- wish my closet needed redone (except for i already finished it!) Good luck!

Be careful ...if you start adding up all the pieces to build your own Ikea wardrobe... the cost may surprise you ... I put together a great closet for my teenage daughter a few years back it is 24 deep by 79 high by 79 wide , with several drawers, shelf and a couple bars , two sliding doors ended up being about $500 ....ouch

Heres some eye candy for ya.....

First pick a color scheme to build around. Find a roll a bout like they use in a salon to organize everything. An old file cabinet painted and casters put on the bottom would work great too. Make it comfortable and have natural lighting. Lighting is very important. Have a place for everything, so you can always find what you need. Add personal touches to make it you. It doesn't have to take a lot of money. Main thing is organize, color, lighting, and your comfort. Make it you!