A pedestal sink looks nice, but it will limit your storage, so that should be a consideration.

We just went through this. We did several things that made our small 5 x 8 bathroom feel MUCH larger...

We moved a doorway and it made the room feel soooo much bigger. The old door swing used to take up most of the floor space, so the only space to move around was directly in front of the toilet. It was where you brushed your teeth, got out of the shower, everything! By moving the doorway we gained double the useable floor space. You can see the floor plan in the link below...

We also moved the towel bar from the wall opposite the toilet (where it ate up precious inches) to above the toilet. We got a low (Toto) toilet that allowed that.

We also replaced a vanity that went to-the-floor with one that has legs. Just being able to see the floor beneath the vanity makes the room feel bigger. (The new vanity is considerable4 larger and has way more storage, yet still "feels" less obtrusive!) Since we made it out of an old dresser, it's also shallower than an off-the-shelf vanity (although you can find shallow vanities out there, Ikea has some nice ones...) Anything that eats up less cubic space and less floor space is good!

Other things that helped: We installed a recessed medicine cabinet rather than surface mounted. Less "Stuff" crowding the room. And we removed an over-the-toilet cabinet that protruded about 8" or so off the wall. That also made the room feel a lot bigger. White tile, light floor, more natural light, more artificial light. All those things contributed as well.

Here's a link of the whole project:

Here is a link that might be useful: staceyneil's small bathroom remodel