Here is some color options on the vinyl tile or plank look- It all depends what type of look you are going for Modern, Rustic etc. If you choose a wood look option I would contrast it with your cabinetry, woodwork etc.

This view is from the kitchen looking onto the front door and entryway. On the left of the entryway is the formal living room which leads into the formal dining room. We are replacing all flooring on the main floor. We have several options: kitchen -tile with transition by the opening pictured on the left or all new wood floors on main level including the kitchen...We aren't sure what will look best. We will be tearing out the carpet in the formal living room and formal dining room. All the Harwood floors are being replaced as they were not of good quality.

If it is solid hardwood it can be refinished. It is a little bit more work to refinish prefinished hardwood because of the tough coating, but it can be done and I would guess at less than replacing - especially replacing with tile. You would also lose the beveled edges and get a flatter floor.

If it's hardwood, I definitely recommend just having it refinished professionally, if it's still thick enough. That will be fairly expensive, but less so than replacing the whole space. A pro floor company should be able to come in and give you a free estimate (remember to get at least 3 estimates).

If it's not actual wood, it comes down to what you want to see and walk on every day.

Refinish the hardwood.

I agree with refinishing the hardwood. Is it solid hardwood in the kitchen or engineered hardwood (you can't refinish that)?

Unfortunately, we are unable to refinish the hardwood, as we are replacing the carpet in the living room which is to the left of the main entryway and next to that is the formal dining with carpet, as well; we can't find the wood to match / it is discontinued. This is why we have opted to replace all the flooring in the main area. We have also priced to refinish the floors and because we live in a rural area, it costs more to do that, as businesses are paying mileage to come do it. (I agree, none of that makes sense - it should be cheaper to refinish.) All the current flooring is hardwood in the kitchen / laundry room / half bath / entryway.