Good old fashioned bead board is the first thing that comes to mind when I think of good lookin', classy wood decoration for walls. I love it here in this bathroom from House Beautiful. Beadboard has a traditional, cottagy feel which may work well with the Mediterranean, spa-like feel Megan has in mind for her bedroom.
Paneling can be in all shapes and sizes - pick a pattern, any pattern; just stick with one throughout.
via Wainscot Solutions
this image and next via Fanatic Finish
Who says it's gotta be all white or all one color? Look at these ideas.
via This Old House
via Just Molding
This last idea isn't for Megan so much as for someone who has really tall ceilings and needs something to break up the blank space. I'm not speaking to anyone I know around here in DC but for those people who can actually afford big houses elsewhere!
via Elite Woodworks
Can't wait to see how Megan's turns out!