Well, we finished sanding it. At first we tried using Krylon Fusion Satin Black No-prep paint, but it looked horrible. It was way too shiny, so we sanded it off. We then primed it using Krylon sandable primer and sanded the whole thing down a couple times. We then painted it with Krylon Ultra-Flat black paint. After that was completely dry, we put the boxes for the fan controller and the DVD-ROM/CD-RW drive in the cubby and used the "Great Stuff" expandable foam to get them to stay. We will have a faceplate made out of wood for those. There are a few imperfections, but I can live with those. Overall, I think it looks great, especially for it being our first time doing this.
The paint seems to be VERY easy to scratch, so we are going to coat it with some sort of Matte spray protective coating.