Neutral but balanced, the color grey encompasses a coolness and a calmness that makes it a fantastic choice for any room. Choosing grey walls, a grey couch, grey cabinets or grey bed spreads, in shades either brighter or more subdued, allows you to achieve a unique variety within a single color. Timeless and sophisticated, grey lends a peaceful feeling to the space: security, softness, the perfect intermediate between the extremes of black and white. The other gift that gray bestows is an emphasis on whatever other color exists there. It can be either active or aloof, which makes it such a versatile palette.
This photo essay in Architectural Digest shows the beautiful and elegant range of grey:
http://www.architecturaldigest.com/gallery/best-gray-rooms-neutral-color-paint-inspiration#1