I recently came across a very hip bathroom renovation project in Portland (via Jetson Green). It's hard to believe this is the same bathroom! Inspired by the look and feel of Japanese bathhouses, In Situ Architecture used locally-sourced reclaimed douglas fir to transform a rather dreary, run-of-the-mill bathroom into one that is both warm and modern. Since this project was done on a "modest budget", costs were kept down by keeping the existing room structure intact (aside from adding a skylight) and keeping fixtures in the same location.
One of the questions I had about this renovation was the choice of wood in a bathroom, but the wood was applied with a vented rainscreen to ensure proper drying.
In Situ has more pictures and information about this renovation on their site.
(Images: as linked)