I didn't spend a lot on nursery furniture because I knew when my kids got older, I'd break the bank on their big kid furniture.
With that being said though, I still spent a good amount on all the "extras" that go into a nursery, such as bedding, window treatments, wall art and that sort of thing.
For my son's nursery, we spent money on a huge chair that folds out into a twin bed and also a cedar chest. Both pieces I know I'll have in his room for a lot of years, but we went cheap on the crib and a changing table and stained an existing dresser to match his crib. When he turned 3, we broke the bank ordering his big boy set.
This is his room now