I flagged this article in a recent issue of Real Simple magazine because it showcased two ideas that I get a lot of questions about. The first idea is that of removing folding closet doors and adding closet drapes instead.
I have done this for several closets; however, I usually hang a shower curtain rod inside the frame of the closet from which the curtains hang.....like this. In this closet conversion, they used a drapery rod above the molding, which is a nice look if wall space above permits.
The second idea is that of creating a fabric covered bulletin board. It is really simple to buy a piece of Homasote from a Home Improvement store, wrap it with fabric , staple on the back and hang to create a pretty bulletin board. Here is another article from Apartment Therapy about making a Homasote board.
The before and afters were pretty dramatic in this article, and worth a look here. Above is a pic of the sewing side of the room. I like the peg-board idea to hold sewing supplies. It offers a functional and graphic art piece for the wall. It reminds me of this post by Jenny from Little Green Notebook.