heaps of time and effort.. but I can actually see how you could make it really nice (of course, assuming the walls i consider knocking out aren't structural..)
Lizzie is right - knock out the study, move the kitchen over, open plan L shape wher the study was.
knock out the wall to the laundry, increase the bathroom size slightly, get rid of the bath, and put a washer and dryer in there with just a shower stall..
paint, carpets, curtains, RCAC, gas furnace, mirrors in the bedroom, render the outside.
Could be a really nice place..
if i had the time and inclination..