Red's usually a color that works great for children's rooms, but can be a hit or miss for nurseries. We always love to see a hit, so we were happy to find this nursery set on Flickr.
Audrey's nursery uses red as an accent color (that's why we think it works so well) and a combination of pieces re-purposed and customized for the room. The antique Babar prints are from 1933 and found at an antiques home show.
Also check out this great wooden butterfly mobile. We can't seem to find it available in the United States, but these two (Poppy's Toys, & Oodles of Toys online stores in the UK have them available for 11 pounds.