I go with the cheap and simple route of plastic containers. The container store has stuff on discount or clearance and since I don't care too much about appearance of the containers, that's where I get all my storage containers.

Madeira,

We've had the same problem.

We started with a shoe box in the closet, then we moved up to a small toolbox, then a carry-on sized suitcase. We presently have our toy collection in a large roll-around tool cabinet. You know the ones with all the drawers...and a lock to keep the youngsters out. Its working great for us. It's easily organized, but not exactly pretty.

Is privacy or security a concern? Do you need something that locks?

Could you use a dresser or another piece of furniture with lots of drawers to organize and categorize? You might be able to find one on the cheap and paint it up nice and pretty. That could be a fun project.

I'm sure others will come up with many more great ideas for you to consider.

Good luck!

How about something like a chest? We have a Lane cedar chest in our bedroom that looks nice, is large, and has a lock. We don't have enough toys for it, but I think that would be a good choice.

Perhaps a closet organizer? Those hanging shelves you can get at Bed, Bath & Beyond? Or the over the door shoe caddies with pouches for your shoes? Not very discreet, but...

A trunk sounds very reasonable, probably with smaller "tray" type containers inside, though the tool cabinet sounds fantastic (one day it'll probably end up being an entire tool shed hehe, I dream of a house with enough room for a dungeon)

I bought some shoe storage containers that are covered in clear plastic and slide under the bed. For my harnesses and other larger items I hang in my closet on hangers...reg hangers, skirt hangers and pants hangers.
It is a pain to hide toys but the only bathroom is off the bedroom so guests have to walk into my bed room.

and make it cute : ( SOmeting pink and says princess or something lol