Agree with jhmarie

Refinish floors first, then paint, carpet last. Painters usually want to be last--they will typically cover the floors and are more careful than the floor refinishers. You don't want to paint and then have the dust from the floor work all over your newly painted walls, or have the sanding machine scraping your newly painted base moldings.

diana's right if you are hiring someone to paint. if you are painting yourself I would do it first.

Regardless of whether you are painting it yourself or hiring someone, you should do the floors first. Just use drop cloths and be very careful not to paint the floor.

There is no way I want ladders all over newly sanded floors. We paint the whole house except baseboards, though they usually get prepped and one coat of paint. Then floors get refinished, floor guy cleans up his dust as he doesn't want it settling into paint. Then baseboards get one last coat. Voila.

We just had new preoiled hard maple flooring put in our house. We also had all the walls/trim painted. The painters came in first, then the flooring and then the painters returned, did touch ups and replaced baseboards. Everything worked out great! I think it is way easier to fix damage done to fresh paint than it is to fix damage done to damaged hardwood.

I agree with paint, floors, baseboard/trim, and then touch-ups;)