We use a variational approach to determine the equilibrium properties
of lamellar surfactant phases. The variational theory yields a general
expression for the renormalization of the bending constant of undulat
ing sheet-like membranes. The method is then applied to lamellar ensem
bles characterized by conserved surfactant film area and the full, non
-linear bending Hamiltonian. In the limit of large bending modulus the
theory converges towards Helfrich's model. For realistic values of th
e bending constant we find an increase in the equilibrium crumpling an
d layer separation and characteristic changes in the structure factor
and swelling law due to film area conservation and non-linear terms in
the Hamiltonian. The scaling of the free energy density, however, app
ears to be largely unaffected by first order crumpling corrections.