I was going to post this at Stamphenge with the $250 Craft Area as an alternative, but decided to put it here.
If I were lucky enough to go to IKEA and redesign my space, these are the items I would get for a total of about $400. but dream on!
Not too sure how sturdy that table is but I like the straight legs.
Another cheap idea is to get some stock base kitchen cabinet or draws, and then a piece of plywood or MDF for the top. You will also need a piece of trim to finish off the front edge. You could get rounded (less expensive) or carved (more expensive but a nice touch to detail).
Get a piece of heavy duty glass that fits over the plywood or MDF. You can add fabric or wall paper on the plywood or MDF and then place items on that then add the glass top. You can change the fabric or wallpaper out anytime if you change your decor. Also, if you have to move anything, this is a knock down easy move idea.
You could go all out and get a piece of formica counter top for the top also which is all ready to go and in total might be cheaper than the plywood/MDF board plus glass. However, you might have to anchor this to the wall.
Then add a pegboard on the wall for more storage.
Photo #1 Tutorial - My opinion of the desk -- too long and not enough support so I would stick another not so wide cabinet or increase the other cabinet sizes.
Photo #2 Tutorial - lots of storage in a small space.