The Tale of Two Rooms

We moved into our house February 20th, almost 8 months ago now. In making the move to our new humble abode, we officially doubled our square footage from our townhouse, meaning our old furnishings barely put a dent on this new place. That combined with the fact that we welcomed our baby boy to the world just about a month after the move and have since been all-consumed with all things baby means that we have two whole rooms of our house that have been seriously neglected:



See? PATHETIC!!! Well, the time has come to begin conquering these rooms. The dilemma, though, is that these rooms have to be multi-purpose, and we're just not quite sure exactly which purposes each room should take.
Let me explain...Josh and I have decided we have four needs: 1. guest room, 2. office, 3. playroom, and 4. "man cave." So, how do we divvy up the room needs. Right now, the thought is guest room/playroom in the larger room (pictured first above) and "man cave"/office in the other. While I am not particularly fond of the idea of putting the playroom stuff with the guest room, I do think it is important to note that we barely, if ever, use a "guest room." We have very few out-of-town family members or friends, and most of them stay with my parents when they do come in town, so my logic is on the few occasions that we will actually need a guest room, we can probably clean up the playroom enough. Plus, anyone who knows me well enough knows that even a room dubbed the "playroom" will be equipped with adequate storage, so as not to look like a typical playroom...I hate clutter!
So, what do you all think? Good way to divide the rooms? I'm ready to start planning, decorating, shopping, etc! Help us out!