TLC announced in November 2007, that Davis would return as host of Trading Spaces in January 2008, along with others formerly associated with the program. Reports on the announcement published in the New York Post and in Davis's hometown paper the Philadelphia Inquirer remarked on the earlier "bad press" in 2005, with the Post commenting, "Apparently, that 'new creative direction' has done an about-face," and the Inquirer quoting a network vice president who "doesn't know the specifics behind the perky Davis's firing, but called it 'shortsightedness.'"
During her initial run on Trading Spaces, Davis played the role of Roxie Hart in the musical Chicago on Broadway, and wrote the book Paige by Paige ( ISBN 0-696-21836-4), chronicling her television experiences. It spent numerous weeks on the New York Times Best Seller list. By 2007, Davis had created a cabaret act, Taking A Chance, described as "chronicl[ing] how the choices Davis has made have informed her life's loves". In mid-2007 she took over the title role in the national touring production of the Broadway revival Sweet Charity, replacing Molly Ringwald through the end of the show's scheduled run on August 12, 2007.