I shared a room first with the older of my two younger brothers (from the time he was a few months old till he got moved to the other brother’s room when our sister was born), then with my little sister (from the time she was about five months old onward till I moved away for graduate school). I have three younger siblings and grew up in a non-very-roomy three-bedroom house, so we were all bunking together. My parents were not really into decorations, so the walls in our room were pretty bare until my little sister (the artistic one in the family) was old enough to have opinions. At that point, she decorated her half of the room, and I left mine bare except for a nice painting my best friend’s mom gave me. When my sister was a baby, the room did serve both as a nursery (in the sense of having her changing table, crib, clothes, accessories, etc. in there) as well as our bedroom. My mom just nursed her wherever the two of them happened to be, and the rocking chair ALWAYS lived in the living room. Since the bedrooms in our house were SMALL, most of the playing/nursing/living occurred in common spaces, but the toys mostly lived in the bedrooms but were hauled out to the common spaces as desired. This is a roundabout way of saying that the bedrooms do not have to be the catch-all activity center, and everyone in the family will probably go crazy if it is unless it is a huge room. In particular, I would recommend moving the glider out of the room unless there is ample space for it. And also, I would recommend letting the kids each have their own space in their bedroom and let them decorate their own space to their desires, even if the overall effect is a bit discordant in your aesthetic taste. It’s important for each kid to have a sense of ownership and their own space when they are old enough to care about such things.

My brother is 18 months younger than me and we shared a room until we were 11 and 10. It was awesome, and the source some of my most fun memories. We created very epic games of pretend with our toys that lasted for years, we would lay awake in the dark singing to each other and cracking up… and even today when our lives have gone in very different directions and we’re not AS close, we’ll always bond over those wonderful memories :) I mean, there were tons of fights no doubt. Many instances of trying to put a line of duck tape down the middle or hang a sheet because we just “hated” sharing… but looking back, even the bad moments have become good memories!

My girls share a room. R will be 4 in January, and V turned one last week. They started sharing when V was 9 weeks old (once she started STTN). They love sharing a room, so much so that R rarely falls asleep before V comes to bed (big sister has to go to bed first because her bedtime routine is such a to-do). We have a hand-me-down crib (V is the 4th baby to use it) and a twin bed in there right now, with an IKEA dresser and a Target bookcase. There was no room for a glider, and I didn’t want to disturb R at night, so I nursed in the living room, which also became the diaper changing station. So I guess it isn’t technically a nursery, but a bedroom/playroom. In a year or two, we will switch to bunk beds, with a twin over a full-size bed (yes, I have to start saving for that monster purchase now). That means big brother C (who is 7) can sometimes sleep over too. He is so sad that he doesn’t get to share a room with a sibling.
As for decor, I highly recommend Land of Nod. They have gorgeous color schemes and fabrics, and non-furniture prices are really reasonable, especially their storage pieces (we have their baskets and hat boxes which look great and are functional too). If you leave items in your shopping cart long enough, they will send a coupon for free shipping too – score!! IKEA is great too, but we don’t have one anywhere near us so I shopped online a lot.