I ended up buying a bed on craigslist that was much nicer than i could have built for a fraction of the cost. That's the rule I realize now when it comes to furniture, you have to be insane to try to make it yourself and think you're going to get something half as good for 10x the price of buying a nice used piece.
So having absorbed that lesson, a few weeks ago i set out to build an 8ft media center cabinet for my living room, in an attempt to learn how to properly stain and finish a big item (it's 8ft long, 33 inches tall, 16 inches deep) and how to make drawers. Please do not ask me why i didn't start on something smaller.
Half way done photo:

Still to do:
- Add face frame.
- Add fancy inset/flush drawers (in center area).
- Add base trim.
- Stain.
- Finish and rub out (Lacquer, shellac, or polyeurethane). <-- this is the part i'm most nervous about and have been reading so much about and testing on scrap.. It's hard to do properly when you dont have a place to use a sprayer..
I already regret taking on the project, but nothing left to do now but push forward bitching and moaning the whole way.. I'll post more photos when it's done.