Well, when we bought our house, the room that would be the nursery was, at the time, sponge painted blue and white. Before we had to actually live here, I painted it a very pale creamy color, that actually looked a tad peach with the dark mauve carpet in there (with bleach spots, mystery stains, and unevenly faded sections from years of furniture in one spot, generally yucky). We put a large neutral Berber rug over it to fill most of the area, and Lucy slept in that room for a few months, until we moved her into her new room this summer.
I was going to leave the nursery alone and just clean it, maybe rearrange furniture. However, I decided that it needs to be brightened up. I also feel that the new baby deserves a "new" room, just like Lucy. I painted all the wood trim, closet doors, etc. white (the wood was a dark-medium stain, nothing fancy), and it already looks a ton better. I have decided to do something similar as with Lucy's room, and paint the top half white, and the bottom half is going to be a pale yellow. I'm hopefully finishing the painting tonight or tomorrow. I hate dragging jobs out for a long time. I'm also contemplating a border (hand painted, store-bought, or just a simple chair rail... haven't decided yet) between the white and yellow. The knobs on the door and closet are switched to brushed nickel as of last night - what a difference those little details make.
We also need to move/replace the light fixtures in the three main floor bedrooms. Currently they are placed near the closets, and not in the center of the room. I guess I see the logic, but I don't like it and Ron is going to brave the attic and relocate them (he really knows what he's doing when it comes to electrical work, don't worry!). I think this will also help in brightening up the nursery because the light will fill the room better. It's definitely not a fun job, but I think it will be worth it, and help with resale in the future. It was one of the things that we weren't wild about when we first went through the house, but obviously it wasn't a deal-breaker.
After giving it some thought, we've also decided we will probably replace the carpet before the baby comes too... with the same stuff that's in the great room and hallway. I will feel better about the cleanliness, and it will also prevent the dark mauve carpet from affecting the appearance of the wall color.