You would like to paint a room, or even your entire living space in black and white, but are having a hard time to take the plunge because you know that while it so elegant and beautiful, if you miss the mark it could end up looking stark and cold.
There is really only one big trap to avoid and it is falling into the austere. To that effect you can start with a base color then use nuances of grey, like charcoal grey, pearl grey, or silver grey, or add a touch of color perhaps red or green as a means to liven up and give some rhythm to your decor.
Try to avoid excessive design or patterns. If you choose a patterned wallpaper only use it on one wall and complement it with grey for the other walls, or choose the design for the rug. Designs are great but in small doses, do not overuse them.
Another way to make your black and white decor more interesting is to mix materials. When decorating in black and white, no material is preferable to any other. It is just important to bring variety to the materials used. For example bringing into play a natural material like wood would break the "cold look" that black and white can give. You could choose one piece of furniture in a greyed out wood and a fringed rug, and pillows to add life to the room. Lacquer and glass are also good materials to use for tables or accessories.
The idea is to play with opposing values for example using a black lamp on a white table, (a very trendy look) without falling into the excess of repetition. Break the symmetry by using your accessories wisely. Soften the harshness of high contrast with line, a soft round line on furniture or accessories will give the room a more feminine touch.
A major element of your black and white decoration is found in the way you can accessorize it . Spread a game of dominoes on a table, add pillows, stickers, a touch of nature, a beautiful white or fuschia orchid in a black glossy vase is one of the most elegant contrast.
To underline your black and white decor use light. Avoid halogen lights because they are very harsh and would over accentuate the two color scheme. Choose instead lights with different intensity, use a dimmer and place the lamps at varied heights. Paper blinds provide a nice soft, diffused light. Do not choose light bulbs that give a harsh white light.
The best about black and white is that is can fit in any interior decor, classic or modern, these two colors can be adapted to any style.
What I like about this living room colors:

the walls are painted white to bring light to the whole room, but one segment of wall is painted black to play with the contrast black to white. The floor is tiled with large offset grey tiles, the lay of the tiles add dynamism to the room. Accessories are kept to a minimum adding to the purity of white. Lights are recessed spots in the ceiling and a curved floor lamp that add another soft touch. Green plants and a bright chair finish warming up the room.

