your space seems to be in great physical condition. i feel your pain....my bathroom is stuck in the 80's. so much depends on your budget. if the budget allows, simply gut and re-do. but if budget is more modest, like most of us, do what you can to bring it up to date inexpensively. replace the light fixture and huge mirror with a pair of framed mirrors and stylish new lighting; have the tub reglazed to a gleaming new white color, replace the vanity sinks and toilet with new white ones, which will allow you to upgrade the countertop surface and faucets too. the vanity cabinet can always be painted if need be, and add some hardwear to dress it up. perhaps some tinted grout could refresh the tiled flooring. all of these changes are a minimal investment but will have big impact. have fun and keep us posted!! ;]