Transformation: From Eyesore to Fabulous

Do you have an item in your house that functions just fine but is a thorn in your decorator side? I do. Its my refrigerator. After the last one went kaput- Mr.Copycat and I decided to buy one from our favorite vendor- Mr. Craig and his fabulous list. 50 dollars and it was ours. (And it looked like it too!) Here's a picture of the way it looks now:

You see? I wasn't exaggerating. Its pretty hideous. That's why I allow all the art work and magnets... to act as a barrier to the ugly. Now you can understand, to my delight while browsing on the Internet today, why I was so elated to find this little piece of copycat fodder on the Blog of the Old Painted Cottage. It just screams, "You can do this!!! I will liberate you from your ugly refrigerator in a cost effective and (here's my favorite part) beautiful way!"Are you ready for it?

Isn't it brilliant? I love it all but I especially love the hardware. I'm a sucker for massive hinges and pulls. And after reading how she did it I'm excited because I think I could totally master this on a lazy Saturday. (Sorry Kids... next Saturday is now deemed Cooler Saturday. Anything you need to consume will be located in the designated cooler of the day.)
So what do you think? Is it worthy of a future dyi?