We don't have a big enough house for a dedicated room, you are lucky! That will be great!
Our setup is (and for reference my son turns 3 in Dec.):
In our living room, we have a practical life bookshelf, next to it, his broom, mop, apron, dustpan, etc.
We have an easle with chalk, crayons, colored pencils, and a little dish with a sponge in it so he can erase the chalkboard. (I keep paints out of his reach, and we only do that occasionally).
We do have a tv, coffee table, and couch in the room, because it's our living room. The tv honestly hasn't been a problem (though if I had another choice, like a dedicated room, I would definitely not include it).
Inside the coffee table (it's open) is the four cylinder blocks and two mats. I originally bought the two mats when I was watching my nephew in our home. My nephew was 2 and my son was almost 2. The fought CONSTANTLY over toys and space. Literally every 5 minutes someone was hitting someone. Teaching the boys how to use those mats was an incredible sanity savior. And it gave them motivation to use them (the other boy would respect his space with the visual marker).
We have a "music" area with drums, a piano, a kid mp3 player, and two electronic toys I'd like to replace.
We have a large bookshelf for the entire family (it's wood, foot-long squares, 5 x 5, from IKEA). The bottom 2 rows hold toddler and sensorial materials. And soon, I'll be adding some language and math activities to the third row since he can now reach it.
We also have a toy kitchen in the room. It gets very little play. We also have very little food/pans/etc. for it. And, the thing he always wants to do with it is use his little wooden knife to cut apart the little wooden fruits and veggies. And I have no problems with that--it's strengthening his fine motor skills, right? I can probably count on one hand how many times he has pretended to wash his hands in the sink. Though he has free access to the kitchen and bathroom sink.
There is also a small table and bench. I'd really like to replace it with a smaller table and two chairs. (the bench is difficult for him to manuever).
Oh! Also in that room we have a small toddler chair (from tag toys), a hook on the wall for his jacket, and a spot for his shoes to go. But that's mostly because it happens to be the entrance to our home.
If it'd be at all helpful I can snap some photos of our setup to post.