I think it could be a really fun variation on the more traditional beadboard wainscoting, but I can only find a couple of examples of textured wallcoverings in the bathroom (found here and here).
Either I'm ahead of the curve on this one, everyone else thinks it's terribly ugly, or it's a lot more difficult to install than I'm imagining. In truth, we'd probably be using Anaglypta (a molded vinyl paper) rather than true Lincrusta because of cost, but either should hold up fine under the heat and humidity of the bathroom.
I've found a few modern styles of Anaglypta that I really like, all of which are made by Brewster.
Should we go for something a little different, or just stick with the traditional beadboard?