My move is still two and a half months away, but I can't help imagining what my new space will look like. Come Feb. 28th, I'll be downsizing to a bedroom half the size of my current room, and it lacks a closet (don't gasp -- there's a small one in the hall). After having lived in twelve different bedrooms of various types over the course of ten years (seven in DC, two in SF, one in NYC, and two at the parents' in VA and MD), I consider myself extremely well versed in creative closet solutions. One of my favorite space-saving tricks is putting a dresser inside the closet. Shirts and skirts can sit comfortably on the rod above it, and there's usually enough space on the sides to let longer items hang.
I've found a great little dresser, but it's just too pretty to keep tucked away in the closet. Once an eyesore discovered by Jelena of Poppyseed Living, it was transformed into the loveliness you see before you via a colorful coat of yellow paint, new knobs, and a darling wallpaper-lined interior. $250 @ Poppyseed Living's Etsy shop. Note that it ships from Canada.
P.S. It used to look like this:
1 & 2) www.etsy.com/shop/poppyseedliving