So, I worked to complete my craft room from the moment we moved in, but it ended up taking a lot longer to complete than anticipated (almost five months). I still don't think it's quite done yet, I would love a row of white boards above my cork boards, but it is functional. My sewing machine and crafting supplies are hidden in the shelves to the back left and right, the closet, and the two-drawer filing cabinet usually tucket between the bed and white shelf as an end-table for guests (in the picture at the top you can see it next to the desk because I had to move the bed more into the center of the room).
The bed folds from a twin daybed into a king sized bed for guests. My parents tried it out in October and loved it. I was a little worried that it wouldn't be comfortable when pulled out, because the mattresses are a bit on the thin side, but apparently that was not a problem. We've also had several people crash overnight. So it definitely serves its purpose as a guest room admirably.
As for crafting, I have started several sewing projects in there to date. The first of which was a new pair of pajama pants for my DH, which he loves! I'm currently working on a crib quilt for a friend of mine (pictures of that to follow in the next few days, because I need an opinion on how to finish the edging around the jungle animals.)