Project Planning

We've decided that the upstairs bathroom is probably the next major project to tackle so we're in the most dreaded phase: planning. (phantom organ music plays) This is where we haggle over ideas and wrestle with the reality of what finances will allow. How authentic do we get? Do we add modern features or change our lifestyle to fit the room?
I was looking back through Rejuvenation's Kitchen & Bath 2005 catalog for ideas and found a great comment:

A fortune spent insulating walls, replacing windows, and installing cabinets... then just when there is a light at the end of the tunnel, the money runs out. Suddenly the "not so bad" fixture at the local big box store for $9.95 - plastic shade included - starts looking pretty attractive. Funny thing about our customers, though. They'll leave an old bare bulb on frayed wires in the middle of their dream kitchen - for a year - rather than drop a few dollars on a cheap fixture that's gonna bug them every time they walk into the room.

Now we've never purchased anything from them, yet. but it reminded me of the ceiling light in the bathroom pictured here. When it shorted out about two years ago, I took the fixture down intending to rewire it. But since we're still undecided on the future style of the room I haven't put the time into it. So all that's left is two yellow wire nuts hanging in the middle of the ceiling.
Don't worry, we haven't been fumbling around in the dark - though that might explain my recent hair style. There are still two wall sconces beside the mirror.