I did just what you describe and I'm tickled pink with it. In my case it WAS a load-bearing wall, but that just meant I had to header off the opening. I created about a four-foot archway between the two sections of the (now one)room - making one section the bed area and one the sitting/dressing area. I can't tell you what it costs since I did it myself, but I really don't think it would be that bad, depending on what needs to be done. I had to move a electrical box and add another (to stay up to code) but it was mostly a framing/drywall job. I would say the most important thing is visualizing the feel/scale of the new room as well as new traffic patterns and usage patterns to come up with a good design. In may case I created a couple of new walk-in closets to keep the scale of the resulting room comfortable. I know I've been in several "de-partition" rooms that feel just like that - two rooms with a wall knocked down.

I like my first idea best as far as use of space. I know people say not to put toilets on an outside wall. We had one in our last house in Iowa, but we had 2X6 construction. I don't know how high your window is, but I'm guessing the toilet would fit under there. The shower would be 5 feet long or shorter if you want a wider space to get to the toilet. (kind of tight the way I have drawn). You could do a 5 and half foot long shower and do an angled door at the left end to allow room between the shower and toilet. The vanity would be about 7 feet long, unless you do a 60 inch vanity with a linen cabinet at the door. I would reverse entry door swing if you do that.. The second top right could work and you would still have a small closet. The bottom left plan would require waterproofing your front window. Hopefully someone will give you other ideas. The bottom right plan is bigger, but no closet. Each square equals 1 foot.

Go to the Monoprice website. They have a huge selection of wall mounts (huge!). And they are cheap. I have 2 and they have worked for years. And for my TVs (32" and 42"), they were less than $20 each (articulated arms to swivel and extend, and limited tilt, no height adjustment). One of them is futzed with daily because it's used as both a TV and a computer monitor. Rock solid.

You may want to start saving inspiration rooms you love; it will really help if you have a direction. I would purchase the rug fist vs bedding and cushions so you have a style to build on. Be sure to use various colors, patterns and textures so it feels more interesting The headboard is high and I think art above each night stand would be more complimentary and use small brass lamps for a modern look. You could add the sign on another wall If you need a bedskirt, a more tailored style would feel more modern Dresser and tv wall - mirror, plant, chair, art, baskets