It depends on the style you have in mind for the future renovation. For now a semi-flush fixture may be an option.
If you like drum shades - something like this (note the fixture has a semi-flush mount option not shown in the photo)

Or if drums are not appealing - glass is another option

Please put recessed lighting you will be glad you did. You can put a semi-flush mount right above the sink.

Is this your only lighting in the room? Do you have under cabinet lighting? Maybe you could remove this fixture and fill in this section of the ceiling with drywall. You could then do some recessed lights around the perimeter of the room and above the sink and then install a great looking semi-flush mount ceiling fixture in the center of the room (or two if the space seems to call for it -- it's hard to tell with just this one photo.) Good luck!

Do you like ceiling fans? if yes get one of those ,I love mine ,it sure beats the heat in the kitchen during the Summer months and if you get one that reverses it helps in the Winter months. Now for the light ,we had an electrician install a florescent light above the sink , it sure helps a lot .

We do have one light above the sink m

More pictures if it helps.

I saw the light above the sink ,does it give you enough light ? you could get a bigger one if you wish :) Are you planning to paint ?

You do have an island , so why not hang pendant lighting over the island. You could add the recessed lighting without having to do a whole remodel.

We actually just painted the walls (not sure why its looking so green here) but we are open to painting the cabinets at least to look nice until the real remodel. We are also planning to do white trim.

The light above the sink is great for what it is but does not light up the whole kitchen.

Kayla, it looks likes you have a pretty blank slate...What makes you happy? I like a more retro style...with your wood floor maybe a fixture like this from Schoolhouse Electric? I'll look at your ideabooks in a bit (if you have any?)...maybe something will click!

Margo, we were thinking about doing recessed lighting in the area where the current light is and the adding some pendant lights over the counter eating area.

I am not a professional on recessed lighting placement but I do think you need to add recessed lighting throughout the kitchen ceiling. Consult a lighting company, they will be happy to come and give you advice on placement. Yes, 2 penant lights over the counter eating area.

I don't know if I would put more holes in the ceiling if you are going to remodel soon. Nothing will be in the right place.

I agree, recessed lighting should happen as part of full rehab (unless you already have a sense for placement generally and then recessed lighting in basic grid format. Lots of people don't talk about light temperature, but its not just the fixture you dislike so much its the very cool temperature of the lightbulbs/tubes. So my opinion is similar to IronBuilders, for classic light fixture - or more refined/modern depending on taste - the point would be for warmer lighting - and then concentrate on some of the under cabinet lights that are offered now - to the point where you rearrange some of the kitchen counter stuff. A simple shift of paper towel role (removed) and lighting (replacing) and that corner will become contemporary!

Oh, btw... when you do get a remodel? KEEP your wood floor. Its beautiful!! warm and inviting.

I would agree with waiting for the big reno to place recessed lighting. In the meantime, you can get track lighting in for very little money and get the light where you want it. If you want an even cheaper solution, change the lamps in your fluorescent fixture to 3000K. Right now they look to be 4100. It'll warm things up a bit, possibly making you dislike it less. The K refers to degrees Kelvin. The lower the number, the warmer the lamp color.

Ikea has some great "new" looking tracks & fixtures. Check them out!