Throughout my four years at college, I have lived in the dorms on campus. While there are some downsides, it has been a positive experience.
A dorm room can be a very important part of your life on campus. It serves as a haven from everything else that happens on campus. It can also be a relflection of your personality since you get to decorate it almost any way you want it. I've only just starting taking advantage of this, with two posters on my wall.
In decorating your room, posters and masking tape are your best friend. See this article for the most cliche posters ever: http://collegecandy.com/2010/06/23/the-10-most-cliche-college-posters-of-all-time/. Of course, they've left a few out. The best way to make sure you aren't getting a cliche is to skip the beginning of the year poster sale and look elsewhere.
If you have a billboard, make the most of it. Get a calendar, and tack your favorite knick knacks to it. On your door, a white board is going to be a must for notes from friends. Also, although themes are fun, avoid going all out. For example, don't deck out the room in your school or organization's colors. Also consider your roommate when decorating. Do not take up all of the space, and respect their wishes when choosing decor.