Instead of an expensive bean bag chair or a store-bought pouf, I decided to sew a floor cushion for the little (big) one. Hopefully it will get some use. :) I consulted a wonderful tutorial from Living with Punks for the construction.
The best part is the piping -- it was actually exciting to try my hand at something new, and it wasn't half as bad as I had feared! Dare I say I see a bolster pillow in my future???