It's a very formal frontage - I would try and keep the plantings as formal as it is (although you could add a little whimsy to it too)...It's all going to depend on how much you want to spend.....Your cheapest solution right now is probably going to be a hybrid of the two choices: I'd cut back the plantings so they are reasonable again and then mulch. That will give you time to research what plants you like and what will work for you and you can try them one at a time to see how they actually fare for you :) I would trim up the shrubs (or replace one or the other - they look unbalanced - don't know that is because of the time of the year or not). Since you have hosta and LOTV, I would think it's a shadier type bed; there isn't too much in the form of easy care, tall, shade loving plants with lots of colour. So if you're looking for replacements, yews and boxwoods would be good evergreen choices. For colour, an easy care part shade perennial options would be things like Tiarellas or Heucheras - you might even get away with things like Columbine. As for remove LOTV or not - I will give you my experience. When we bought out house, the previous owners had removed all but the LOTV from the garden. Every year we get out there and remove 2 garbage bags full around the plants that I've now put in.....every year it comes back just as strong. It's pretty and fragrant when it first comes out, but it starts to look ratty towards the end of the season. So your call, but if it were me, if you are removing things, take it out, if you're not, work with it. If you are removing things, but love the LOTV, try putting them in a pot and sinking the pot into the ground (with the lip above the edge of the soil). Since they spread by rhizomes, that should help to contain the plants somewhat (that's what I recommend to all my friends and it seems to work well).

The photo missing is the all important, square-on shot taken from the street, centered on the entrance area, also showing space at each end and the entire front yard.

Would consider a smallish (or narrow) tree near patio with groundcover below. Trim existing shrubs differently and place color near the entrance approach. Could be annual, long blooming perennial, or colorful foliage shrub. I'm tempted to believe there should be another narrow tree at the left side of house, but we don't see enough of the property in that direction in order to know.

The retaining wall is about two feet high between the front yard and the street. You can see it in the pictures with light brown blocks as the wall itself. In the middle of it, there are two planters and a stair as show in this picture below. This is a needed wall due the difference in height between the yard and the street. There is also a small brick wall in front of the house that you can see in the photos as well. The small brick wall nearest to the house is decorational only. I dislike the stone walls that are attached to the house. You can see that around the corner of the house and around the front door. Reminds me of the Flintstone's house. And of course, the air conditioners sticking out the walls of the house have got to go too.