I vacuumed it inside and out, pried off the rotten bottom boards, reglued the peeling veneer (and pulled some of it off too) and then wiped it down with Formby's refinisher. This stuff is pretty miraculous and I would like to use it on my dining table but I am too chicken (it can also remove stain). After the refinisher, the wood was much cleaner, all the paint splatters were gone, and the wood was much smoother, although it had sort of a dull, cloudy look to it. There were a few dark marks on the top that I couldn't remove completely, although they were smaller than before.
I then rubbed on some high gloss tung oil. Its very easy to use (just rub on in a circular motion and buff like car wax) and I think it looks a lot nicer than polyurethane (although I haven't used the new wipe-on poly). Perfection! (or as close to perfection as you can get without spending any money)
This color is the most accurate - its pretty similar to the pine dresser although I think this wood is maple.
You can see the dark spots and a spot of missing veneer on the bottom, but its an improvement over what was here before.