Currently, it looks more or less like this.
I'm going to push the bed against the window, so I get a lot more space on one side of the room so I can add a table and shelving or something. In the meantime, I'm being inspired by the lovely craft rooms on Apartment Therapy here and here. The below are some of my favourites:
via Apartment Therapy
There's also a lot of photos on Flickr, just doing a search on 'craft rooms' returned so many beautiful pictures. I'd love to add big nice armchair to it, not that there's going to be enough space haha. Anyway, stay tuned. Hopefully I'll get it done soon.