I have an old coffee table (seen on the right in this photo, covered in junk) that my grandparents got when they were newlyweds. It's a nice table, solid, sturdy, and it has a shelf on each long side for books or magazines. It's been well-loved over the years, and has lots of dings, stains, and character.
When I inherited it over 10 years ago, I professed an ambition to sand it down and refinish it. Most people (including my mom and her siblings who grew up with it) thought this was a fine idea, but some objected. A few thought I'd "ruin its character." Others said, "It's a good idea, but you'll never actually get around to doing it."
Today, I did. Just the top for now, figuring out the best way to do the sides, trim, and shelves is a project in and of itself. I sanded off the old finish, and smoothed out some of the worst rough spots; but I left much of the character intact. I was rather surprised to discover that the wood underneath is really beautiful! Sam thinks it may even be mahogany. We're finishing it with the same polyurethane we used to do the floors in our house, and even with just one coat it already looks fantastic! The finish is extremely durable and should stand up to years of abuse by small children. We're going to do at least one more coat of finish, and I'm so excited to see the final result. I'll be sure to add a picture once it's done!
Edit: Here's the finished table with three coats of polyurethane. I'm quite pleased with the results, and look forward to refinishing the rest of it some day.