Renovations to our powder room are now complete and let me take this opportunity to post some pictures.
Before: Huge bulky toilet tank, gold fixtures
After: brushed silver / nickel finish, more modern fixtures
I like it.
The total cost came to just under $300 and I lost count of the amount of time that we actually spent working on this - not to mention the numerous trips to Home Depot to get supplies that we didn't know we needed (mostly, these were water supply connectors to replace the old ones that turned out to be the wrong length when we replaced the faucet and the toilet tank).
Granted, the toilet tank replacement was unplanned - I accidentally broke it - and the bulk of the expense was really the faucet and the lights. I'm still not sure if the end result is worth the cost but I do like our "new" bathroom and it has a Zen-like feel to it.