I love to browse through catalogs. One thing I've seen several incarnations of in several different catalogs is the dress up center, as seen here, at Hearthsong. It's a beautiful piece of furniture, but it's around $300 with shipping. Eek.
I started looking around the house for things to cobble together for a similar purpose, and ultimately came up with this:
Admittedly, it isn't as pretty as the previously mentioned version, but the price was right. (Free!) I had the extra clothes rack lying around from back when I used to sell tie dye at various events. If you had to buy one new, they're less than $20. The height on the rack is adjustable, and I lowered it as much as possible. The plastic bins were also repurpsed from elsewhere in the house, and just happened to fit perfectly. V now has a place to hang her fancy dresses, a bin for hats, a bin for purses, and another for other accessories.
Reusing stuff we already have lying around works for me. For more WFMW posts, check out http://www.wearethatfamily.com/.