It's nearly two years to the day since our basement was destroyed in a hurricane/flood the weekend that DD1 was born. We are FINALLY getting the last big part of the renovation completed today - carpet installation crew will be here in an hour! I can't wait, it's 1/4 of our house that we haven't really been using since she was born, except to store crap. DH busted his butt (with plenty of help from me, when I could get both girls to sleep simultaneously) to get the main space cleared out this weekend. The trash guys are not going to like us this week!
We've decided to use the main space as a play room. DD's kitchen, trains, legos and table are all going down there. We also got her a slide for her bday that we may move indoors when the weather cools down. And we're going to try no couches or chairs, just big throw pillows to keep us at ground level to play with the girls

It will be awesome for play dates as there is also a powder room, and a built-in bar which we can use to store snacks and drinks - kid friendly drinks, of course

I'm super excited! We are going to Ikea this week for pillows and some toy storage furniture. I'll have to share pics when we get the play room all set up!
Re: Finally! A play room!
My SIL has a 6' bean bag in their play room. It's equal parts ridiculous and awesome.