LOVE, LOVE, LOVE everything about this room. Love the dark headboard against the white bed with pops of color (I love the mix of blue, pink and yellow), and the mellow but colorful bench at the foot of the bed. Love the lamps on the side table also.
Ceiling Max and Ceiling Link are drop ceiling alternatives that screw directly into the floor joists so you only loose about an inch of space compared to seven inches. The bonus to doing this over drywall is that you can still have access to your pipes and electrical wires as it is a tile system (for remodeling older homes) - this photo not for design purposes.