For a modern take a on the traditional canopy bed, try bed curtains. Instead of being mounted on a canopy bed, these curtains look great hung from the ceiling. You can use a combination of standard curtain rods mounted on the ceiling to create this look.
First Apartment: Build a naked closet on a bare wall of your bedroom. Hang a curtain rod from the celing and attach a snazzy curtain to pull to cover and viola! new, bigger, and tailored closet to your needs. Ps this mean you now have an empty closet: convert to a cozy reading nook!