I've gotten the colored furniture bug (not that I have time to paint anything now). I would probably update the pulls like you said and fabric or glass on the sides.
If you did a fun color, it would be a great piece for the new aged brass look that's coming back. I really like the shape.
I just used chalk paint for the first time this weekend, and it is so easy to use. I am still learning, but you literally can just slap it on a piece of furniture and give a whole new look in a quick time. There is a good assortment of colors, and you can mix colors to make new ones. It also has very little odor, so it's nice for using indoors while you work on something.
The downsides are the price, and it may not be the look you are going for (very matte finish, not glossy, and is often used for a distressed look). Check out Annie Sloan Chalk Paint, and I found some tutorials on Centsational Girl's blog. There are lots of tutorials out there, but I find hers easy to follow.
Depending on the color scheme in your house - turquoise, lavender, teal/aqua or red could look really great on that.