Shoot, I lost a whole post.
I had a beautiful Shaker style Yield House set with Queen pencil post bed (that we paid a steep price for) for 25 years but I wanted a bedroom update recently. So I painted the room a bold Mango color (from beige) and switched out some of the pieces including the bureau and mirror and the bed.
I got a beautiful, old but classic bureau at a consignment shop and added a gold, orange, black and brown hammered metal mirror to the top. I also got two black IKEA Expedit units for storge and books. I put a flat screen tv on top of one of them.
I got a black king sized Malm bed from IKEA with two huge storage drawers underneath and two nightstands that I'd contemplated for years. It was relatively inexpensive, although I did get a better mattress at Sleepy's (on clearance). Anyway, it's the best thing I've done in a long time. I'd worried about the quality (even though it felt wonderful in the store) but my fears were unfounded - the sucker is solid and I have no doubt it will hold up well for many years. (We often have ourselves, two teenagers and our German Shepherd up on the bed at once and there hasn't been as much as a creak.)
http://www.ikea.com/us/en/catalog/categories/series/07468/
Some random thoughts:
Not having pencil posts seems to really "open up" our room and makes it feel a lot bigger even though the bed now takes up more room. (Contemporary styling is kind of sleek and more can in fact, be less.) Something to consider for smaller rooms.
Pieces don't have to "match" exactly - they just have to complement one another. In some ways it's more visually interesting to have a variety of fun pieces that you enjoy than a cookie cutter set. In our case, the mirror "pulls together" the different colors and styles of our "new" room. It's the first thing your eyes are drawn to when you walk in the room. I do not miss our "matching set" at all.
I wish IKEA was around when we first bought our house. We paid a ton of money for nice furniture over the years, but even when it held up well, styles change, and I wanted to update now and then. I can do it now fairly easily with IKEA items. I have quite a few now (and a kitchen!) and I think they're great.
The Expedit storage units are sturdy and functional. We have four of them in our home now - two in our room, one in DD's and one in our family room. They hold a ton of stuff but organize it neatly so it's not all over the place. They even make smaller drawers for the cubbies which are great.
I used some light, ivory, sheer floor to ceiling sheer curtains with a swirly design for our windows to add an element of brightness to the room. They were exactly what I was looking for but I was fortunate to find them on clearance.
Re-doing a room is hard work but so rewarding when you're done.

Biggest accomplishment in any renovation is getting rid of clutter! For those just starting out, find a way to minimize it!