I just built one of these a couple weeks ago. I did 4 of these panels and combined them into one. It was alot of time cutting, sanding, etc.
It turned out really really nice. I'll post a pic later.
My construction tips are...
No need for nailing, use Titebond II wood glue.
Set up a stop on your electric mitre saw, saves a ton of time!
Lastly, the trick I came up with for the smoothest edges that are facing you, is to take a belt sander, turn it upside down and lay it on your table. Then turn on, lock it to on position, and take each cut piece and sand the cut edges.
I painted mine, using a satin finish spray paint. Looks like a factory finish now.
Lemme know if you have any questions.