This bath is off of the largest upstairs bedroom. I'll replace all fixtures, toilet, sink, faucets...but leave the existing bathtub as it's in pretty good shape. I'll install new tile around the bath and toilet/sink area, and new floor tile. While I'm a big fan of color...I've found that sticking with blacks, whites, and tans in bathrooms is a pretty reliable formuls for renovating a bath area. It's a timeless combination, and any color of towel you throw in the room looks like it matches.
Black and white tiles are the cheapest you can buy...and the combination of black and white is one that remains appealing over the years...it's a classic.