What kind of flooring material is going in the bathroom? How is it out of level now, slope to the walls, high and low points, etc?
When I lay tile I run a 4' level over the floor and see how bad it is, and use that as a gauge to know where to start for the high point and work it out as best I can. If it is really bad I get floor leveling Ardex and go to town filling in the low points to match the high points unless I need to lower the highs to match the low points.

I use a 6' level but they can be a little pricey if you don't have one.. A cheaper way is a straight 2x4 on edge with a smaller level on top..
As far as whats acceptable, everybodys has a different theory on that, but a lot depends on your finished floor material..
scott
