You are not the only one. I live in a 1 bedroom apt, and my bedroom is my sanctuary, and will remain undisturbed, but I still want to have a dining room now and then, not a whatever-I'm-in-the-middle-of-at-the-moment room. So my friend (he's so handy to have around) helped me come up with the concept in the photos. I love it because when I have company I can just hide everything behind the curtains and be done with it. I bought the curtains for about $35 I think (2 sets obviously), and the shelves, support, rods, etc. - I think it was done with less than $150. I've since purchased more shelves (set of 4 for $20 from Craigslist) to further surround the other 2 walls of the room for more fabric storage.
Good luck!