In the world of interior design black and white do not really count as colours, they are viewed as neutral, and a black and white (or monochrome) interior design scheme is therefore the ultimate neutral palette.
It is a very strong statement look, but can work equally well in small or large spaces, giving smaller rooms an open feel and helping to give larger areas definition. Proportionally, I believe that the smaller the space the less black should be used.
A black and white scheme adds opulence and drama, especially when used with metallic accents, but to stop it feeling too stark, textural elements such as fabrics, rugs and other accessories should be introduced to help make the room feel softer and more comfortable to live with.
Monochrome schemes are excellent for kitchens and hallways where clean lines help to give a sense of space and openess,but they can work equally well in master bedrooms where drama and glamour are important.
This is a classic combination, which has timeless elegance but can also be funky and modern all at the same time!