To play room or not to play room?

Help! To playroom or not to playroom? We are getting down to the nitty gritty with our floorplan and trying to whittle it down a bit. Do you have a playroom and do your kids use it? It feels like it's overkill to have one but will we regret not having that space when the kids are older to use as a game room and spy on them when their friends are over:)?
I love the idea of having room for all of their things but at the same time I like the idea of them not having too many things. Over time I have realized it doesn't matter how much space we have it gets pilled up with stuff anyway. Even when you actively try to avoid it!

contemporary kids design by san francisco architect Cary Bernstein Architect

We are living in a smallerish home right now and have a "place for" their toys in their rooms but they don't want to be in their rooms they want to be with us(I know...enjoy it while we can right?) So the toys are everywhere. Does it get annoying at times when stepping on lego light sabers? Yes..But at the same time I am trying to teach myself to embrace it and love the mess. Oh that is my new motto! "Love the Mess before you Miss the Mess"

And then I think..What if I get all crazy and not like myself someday and decide to homeschool? The play room would be great for desks and projects and keeping organized without having to clear of the dinner table every night for our super healthy warm meal that I cooked all afternoon(again not like me) Forgive me...I rant and rave and am indecisive about most things in life and on a rare occasion homeschooling seems romantic to me but I am not a patient person. Insert laughter from family and friends that know me well here.

eclectic kids design by new york interior designer Esther Sadowsky

Then there is the whole "it would be fun to decorate" portion of my lobe(not sure which one).

eclectic kids design by atlanta interior designer Cristi Holcombe

And how about the fact that we have a small group that involves probably 20 or more kids and they need a place to be when the "grown ups" are congregating and it is 110 degrees outside.
You see what I mean? In one second I can totally justify the extra space and in another it makes stomach turn because it seems like a bit much. I mean really I doubt any of us grew up with a play room right? We all turned out o.k. Maybe a bit confused and indecisive but ok in general;)

So tell me...Do you have one and do you use it? If you don't have one do you wish you did? This chick needs some perspective!