Much depends on why you are doing it.

Are you going to stay put or sell/rent it? Either way, most buyers will discount heavily any homes that have out of date bathrooms. Also remember that you will not get all of your money out right away either.

Consult a Realtor that specializes in your area and see what they say. If you proceed, go crazy with very expensive fixtures or tiles. Gear this to the neighborhood. See our articles on Planning and Bathrooms for some good tips.