Well, this will be my second Ikea furniture purchase. The first purchase was a set of coffee/end tables, and they have lasted surprisingly well and we really like them! This time we bought the twins two little unfinished dressers, and let them pick out paint - screaming green and electric orange. The dressers were super easy to put together, and so far I have primed and sanded both dressers. The green one is finished and in their room, and it looks awesome. Orange one will get painted this weekend! This was a really easy project, and made a huge difference to the boys. Well worth the $35 per dresser ;)
Update 11/26/11 - The green dresser is just awesome. One coat of gray gripper primer and two coats of green and it looks amazing! The wood grain still shows through just a little since I used very thin coats of paint, I am very pleased. The orange one is awaiting sanding after I used the same gray primer on it, not knowing it would never stop showing through the orange paint. Live and learn.