Many colors would look great in your bathroom. You also have a blessing of a lot of wall space, which gives you an opportunity to be creative. I would definitely not paint it just plain gray. Duck egg green, blue or old pink would look great. If you'd like to go for something brighter, then I'd opt for orange. I enclosed some color examples and color combos with gray. If you'd like to go with orange, I'd do only one wall orange, maybe the one with the window on it. If you decide to go with green or blue, or even pink, I'd suggest to put some patterns on one wall to make the walls a little more interesting. You can have all walls in color or just one of them, while the other walls are gray. Patterns can be stenciled on, or rolled on with a decorative paint roller.

I would not go gray, I would liven it up with aqua blue;)

Agree gray will make the room more dark and drab go blue!

Yes with the blue or acqua

Thanks for all the advise everyone! I think we'll get a couple of blue and aqua to sample paint. I've been looking at stencils too and think I might try that on a wall too. I'm excited to get started!

Why stencil when you can use decals, they are removable ;)

or decal flowers

Please post a photo when you are done with your project .

I'd go soft green! Blue can look great but can also be a bit cold sometimes and not sure if it would complement the cherry wood... A light green may work better?

Greeny blue colour shades
http://houzz.com/photos/162465

Everyone beat me to it! I loved my bath done in a sea glass color similar to this:

The Stonington gray by Benjamin Moore would look great with the cherry cabinets. it will compliment it and keep it light and airy. bring in bright colored accents not on walls. This is a very calming gray with a blue undertone. I think this would fit your bathroom's fixed elements like the tiles and the shower tiles. I hope this helps. bring in in candles, beautiful candlesticks and containers to hold potpourri and bath salts etc. Little accent pieces. Hang a beautiful artwork above the tub. Bring in a small chandelier above the tub. bring in a little bling.

Well, we finished the painting today! So glad that is done. It wasn't the easiest room to do but we love the outcome. I still need to get some accessories and new towels, but the hard part is done. Thank you to all for your suggestions. We went with SW Hazel. Kind of a green/aqua with grey in it.

Another pic

You could hang an art piece on the wall - We make Contemporary Stained Glass Lighting and Art and one of our fire stones would look beautiful on the wall. It would warm up the room and would match the cherry cabinets. We customize size and color; visit our website at http://www.lightinart.com/ to see some options.