Mine arrived today, and it isn't bad for the price, but don't make plans to put your copy of Machinery's Handbook in the middle drawer; it isn't tall enough. Anyway, yes, it is made of MDF with some sort of veneer on the outside, might be vinyl, but it sure seemed to be wood. It seems to be rather well built, and no, it is not a Gerstner, but I didn't pay Gerstner price for it either!
I thought too that it would be perfect for my wife as a sewing box, but she didn't seem very interested in having one. Her current sewing box is packed to the gills and the legs are wobbly, so I told her she could have this one if she wants it and I'll order another one, but she didn't say anything. She's gone to bed now, so I'll leave it in the living room and see if it gets hijacked or not.