There's nothing wrong with MDF. It cuts really nice. I've used it in a few pieces myself. The wood isn't what many people consider pretty, but certainly in certain circumstances it looks really nice.. It just depends on how you like it when it's cut and finished. (Be sure to wear a dusk mask when cutting MDF, though. It has a lot of toxic resins and fine powder that can cause health issues).
One thing you can do to dress it up is paint it before hand, then cut it. That way you have a nice color and texture on the surface, and the sides shows through as dark, which really adds a lot to the contrast and makes the details pop. You can paint it a flat color, or if you are a little more daring, you can sponge on some color. Start with a background color and paint the wood in that flat color. Then with different color, dip your sponge into the paint, dab it a few times on paper towel, then dab it onto the wood. It creates a lot of character to the wood. Use light colors if doing a portrait so the shadow (holes and the sides of the MDF) have a lot of contrast. Check YouTube out for more faux painting techniques for more ideas.
You can also decoupage some material on the wood before cutting. Paint the wood a base color, then with white school glue (the type that dries clear...like Elmer's), glue on pieces of paper. I like using tissue paper. Make sure you rip the paper instead of cutting.
Check out some of the work from realFez. He does a lot of work in MDF and he does some really nice work.