S.M.
My boys have been sharing a room for slightly over a year now. They are now 5 and 4.
In the morning they sometimes wake each other, but they both get up at pretty much the same time. They are allowed to come into our room when they wake up. Sometimes one will sleep later, so this helps.
They both nap still in the afternoon- the 5 year old not as often, but he gets quiet time (He doesn't go to kindergarten until next year due to late birthday). The younger of the two gets to nap in his bed and the older rests on the couch downstairs- no tv or movies, lights out. Since he doesn't always nap, he has to stay on the couch. He can have one toy and a few books to play quietly.