Well, it's not really a room. It's more of a hallway. Or a back entry way. Just a passthrough, really. But in our house we lovingly refer to it as the mudroom. Yes! I now have a mudroom (kindasorta), and it's my favorite "room" of the house.

{It's so small, I can't even get a complete photo!}
You might think that I'm being overly dramatic if I were to say that this space has changed my life, but it's changed my life. There's a place to drop our keys... We shed backpacks and jackets right there before they can escape into the rest of the house. No shoes are ever left in the middle of the floor anymore (Okay, so we're still working on this one)... Hats, scarves and gloves have a drawer of their own... And I have two (2!) drawers designated for all the extra stuff I've never had a proper place for (gum, change, random screws and nails I find, nail clippers, etc).
It's a mere 4' x 5'. That twenty square feet added to my home has seriously made my everyday life around this home so much simpler. So, yes, a few designated hooks and cubbies in their own little space has turned into my favorite room of the house.