Alas, in my new apartment, it looked out of place. So the other day, I decided to cover it with a bit of remnant cotton left over from my living room curtains. This job was quick and dirty. I wrapped the stool in the new cotton like a present. Not too tightly (to accommodate the piping underneath) and I secured the fabric with old upholstery nails I've had sitting around for years.
Whatever. I recommend this project. When I get sick of the look, I can return to the original fabric in 5 minutes, or cover it again with something different.