First I stripped the whole thing down, basically a block of wood on legs. The foam was still in good shape, so I set it back on top of the wood base, wrapped the whole thing in batting and then covered it in cheap $2/yard muslin. I then staple-gunned another piece of muslin to the bottom to make the dust cover, folding in the raw edges to make a neater look.
I then took 1 yard of an upholstery fabric I've had in my fabric stash and put it on in the same way as the muslin, stapling gunning it to the bottom. Finally, I hot-glued a braided upholstery trim around the top of each leg to cover the raw edges.
All in all, a pretty fast project - maybe an hour. Love it!