In our previous home, we only had 1 baby at the time, so we DID have a dedicated guest room! You can check out the project and pics below to see it and check out KELLY'S KORNER for MANY more ideas on how to design and decorate guest rooms!
I found these sheets of sheetrock maybe? I'm not sure what they are, but found them down the street in a "free" pile, took some sketches of Lincoln and made a little display to fill this empty wall in our guest room. The sheets already had holes drilled into them, so I just strung raffia through them and attached them to a piece of scrap wood with those little metal cord hooks on it. The paint was leftover from the hallway floor paint, so the total project cost about $3 for the pictures, a bit of glue, etc. E-mail me for more project details :)
By the way, the brick in this room was covered in plaster when we moved in. I was in the attic one day and looking at the chimney and wondering where the thing went to...so I measured and found this section in the guest bedroom, started hammering and found some cool brick, so I had Alex keep chipping away at it until it looked nice and crumbly...I wonder what the fireplace looked like that it led to...I guess we'll probably never know...unless it's hanging out behind some other wall! Oh the adventures of an old house!