Lofted beds with walk-in closet underneath. Good when you're short on bedrooms for all of the kids. Loft beds and instead of a closet underneath, it could be the kids "rooms" for private and quiet time.
For a modern take on a traditional canopy bed, try bed curtains. Instead of being mounted on a canopy bed, these curtains look great hung from the ceiling. You can use a combination of standard curtain rods mounted on the ceiling to create this look.