I don;t have as nice of a space as some of you, but I am lucky to have a small bedroom that I can use for sewing (and I put the elliptical in there too, as I am sure as heck not using it in the garage!)
My stash is in bins and boxes on the shelf, and I am using an old desk I had for small cutting and for storing items. I have books and rules on the top, and a small TV to watch when I use the elliptical. I have my scissors and rotary cutters on hooks in the cork board in the main desk cubby.
I have a folding table for my machine and use a folding table for big cutting projects (I rearrange with another table to FMQ).