3 years ago, for Christmas, Stacy bought me a fab "quilting machine", which is really a cool table with a rack on it to hold a regular sewing machine, so you can move the machine easily to quilt. I mostly machine quilt on that, but occasionally, I like to hand quilt my quilts. I have my own "TiVo" downstairs, so I can tape my favorite shows to watch while I sew (What not to Wear, Spice Up My Kitchen, Fon's and Porters Quilting Show, etc.) I also have an iPod dock, so I can listen to groovy tunes while I quilt, it helps with the "free motion" quilting. I love the "track lighting system" that Stacy put up for me, there used to be just a single fixture and it was pretty dark down here. This light fit into the single hole, but spreads the light down the whole room.
I love my "design wall" too, it is a flannel table cloth ($3) hung up behind the extra lamp - very handy.
Here is where I can sit and do handwork, or look through books for inspiration, etc. It is also a comfortable place for people to visit me while I sew.
Another bonus is that it is always nice and cool in the basement. Life is good!