We travelled on the Galaxy last year (Sept/Oct) for the Greek Islands and while we did not use the Gym equipment I can tell you that the ship is generally in good condition. Maybe a little wear here and there and no dount a full refurbishment would make her better - BUT we had a great time and found the ship in good shape, clean and the service and food was excellent.
We just finished cruising the Caribbean on the Galaxy in Jan/Feb and heard that it was due for refurbishing in 2008. What was most obviously in need of replacement were many of the windows, particularly in the Stratosphere Lounge. Most had lost their seal and were very cloudy. The ship showed a small amount of wear but was still elegant and clean.