OFUK: WWBVD?

While I patiently, or not so patiently, wait for my new light fixture I am beginning to eye up the next step in my kitchen redo: the molding. However, I feel a bit befuddled as to what I should do with it. Should I keep it and paint it or should I dump it and install some taller molding? So I ask myself: What would Bob Vila do? He would probably say keep the wood, but since I don't even think it is really all wood and it is in poor shape he might actually be disgusted.

So let's play a little game called "Reasons to Keep and Paint and Reasons to Chuck and Buy New" (this has been copyrighted so please ask permission before using this title for a different game).

Keep:
Cheaper
Possibly easier...only priming and painting

New:
More attractive, taller molding
Last longer
No priming
Match new molding around cabinets


Hmmm.... I wonder if I am biased? What would you do?

This is the current molding; the white will be the future color of all the molding. (So far all that I have painted is the door casing and molding around our new French door, which is what you see).

Then the questions is: if I rip out all my molding, doesn't it make sense to just use this opportunity to replace the flooring too? Don't tell my husband.