What do you think of the craze of over-the top theme children's rooms? My opinion: If you have the funds to replace it - great- but children grow up fast. When this boy is 10 and his friends come over and tease him about his princess bed- he won't be lovin' it.
Also- you should never have drapery cords right by a child's bed that way. 200 children die every year from cords like that.
On the flip side- here is a room that a child will not out-grow. Take out the train table one day and move in an ottoman.
Take out the toys and 1.2.3 pillow- and replace it with a college pillow and books of his choice. Your built-ins are timeless.
Photos from 1st option