My daughter is 5, so no grey.
Her bedroom is still lavender from her lavender/green nursery, but we went pink when we did her big girl bed. We've put off the walls until we were sure she was attached to pink - we should have done this at least a year ago, oops!
This is the comforter:
http://reviews.landofnod.com/6329/4679/reviews.htm
I'd say we're going for more cheery than elegant.