These are built-n shelves, but you could achieve a similar look with manufactured cubbies. Just make sure to securely affix any shelving units to the wall so that they don't topple onto a child accidentally. Try a houzz search of "play rooms" for inspiration.

what is this room?

Craigslist Armoires/TV cabinets/china cabinets with the glass replaced with plexi/open (leave them wood or paint a fun color) is great playroom storage! As ABC cards on the wall with poster tack! It will add color and be great for the kiddos! Make sure they can reach the cards to trace the letters with their fingers. Put colored paper behind the vowels.

sam0705 is right...you can't beat the Expedit line for price, and quality. They really can stand up to anything.

Best advise for organization of toys, ...worked for all 5 of my boys: Pick an animal for each bin. Then get stickers ...(I have a label maker I couldn't live without) and any toy that goes in the 'lion' big for example, gets a lion sticker on it. That way when it is time to clean up, you can ask the child to pick up all the lion toys and return them to the 'cave', which is the bin of corse! This is the easiest way for young children to clean up, and requires the least assistance from Mom or Dad, because they know exactly where to put what. If you have more than one, like me, you can assign each child an animal to clean up. Still effective for the older kids, because often at clean up time, I would still have to 'supervise' to make sure everything is going in the right spot...this way...no problem, no questions. They only call me to tell me they have finished.

For larger toys that may have their home on the floor....you can still give it a sticker, and then just put a matching sticker on the floor or wall where its home is, and little ones will know where to put it back with ease!

Works great for me, and everyone can be involved...even the baby!

I like designing spaces for children! I worked in preschools and elementary schools for more than 20 years.

Young children do better with low shelves for toy storage. It helps them to be able to get out and put away their toys independently. If you use bins, attach a photo of the contents on the outside of the bin (similar idea to the one Sierra Jones posted). This also helps babysitters and visiting relatives help the children put away their toys.

Lakeshore Learning is one of the biggest suppliers of school furniture in the USA. The first photo shows their two low storage units on casters, joined at the inside corner with a piano hinge. It can be closed and latched shut it desired. If you arrange it so that one short end is against the wall, you have created a square play space with storage shelves on two sides. The side opposite the end touching the wall can be another play area. This is an expensive piece of furniture, but it will last until you have great grandchildren!
The second photo shows a storage unit for bins, with a play area for small toys on top.
In my experience, children choose books more readily if they are displayed with the cover showing, instead of just the spine.

Look at the National Association for the Education of Young Children (NAEYC) site. All good preschools are accredited by this organization. Look at their required specific storage, furniture, and activity areas by year, up through age five for ideas.