Self-adhesive vinyl tiles. I cringed too, but I couldn't handle the old flooring anymore. It had paint all over it (from the previous owners...not me!) and 15 years of hairspray that would not come off.
So, I pulled off the trim boards, painted on adhesive primer, cut out some templates to work around and tiled the floor. This is a project you can easily do in a day with this size room. I had to call in backup (thanks Dad!) to help put the trim back up with a nail gun.
Is it HGTV worthy? No. Is it better? Yes. I am happy with it and it will do for the next few years.