Your honest opinion, please!

This weekend I need to make decisions of whether to keep some of our furniture pieces;  most of which I've had from my childhood, one being this cedar Lane chest.

Would you keep this or sell this?

If I kept it, I could see it using in either my son's or the new baby's room.  It would be a great storage piece, the top lifts up and I could store blankets, heirloom items, etc.  And, it's cedar lined!

I think I would paint it, definitely get new hardware and re-upholster it, but what is bugging me are the traditional lines of the chest.  I'm not sure if I really love it.  But, it's a great brand and a nice piece.  I'm on the fence.

What would you do?  Don't worry about saying 'sell it' if that is how you feel....you won't hurt my feelings! :)