That bathroom still looks pretty bad, IMO. I guess it's the best it will look.

I really love the reglazing. It really depends on your budget:

$100 or less: paint, towels, art, shower curtain, accessories
$1500: reglaze, and all of the above
$8 to $10k plus: rip it all out and start over.

I did this in stages. Since it's a guest bathroom the reglazing would probably hold up well.