Best easy way to partition a room
Well, if you want a bit more permanence, take a look at this site. It's an Ikea hack on a PAX to divide a room with sliding "doors". I like the site anyway, it's useful and between it and this there isn't anything you can't build.

Essentially, this guy used huge sliding doors to section off parts of his studio apartment, and the huge benefit was that he could close some parts off and open others to rearrange the room, like closing off the bed room when he had company.