My parents did a lot of furniture restoration when I was growing up, and Dad refinished old trunks for both my sister and I (not cedar, but beautiful.) When my husband's grandmother died, he got the trunk that had come across with the family from Ireland, and he refinished that.
They're hugely useful.
While my family didn't have a "hope chest" tradition (my family is full of working women going back generations, so they figured if you wanted to get married, you would, but it wasn't a big deal either way) they DID have a "save things for the kids' first apartment" thing going on. My last couple of years of college, my folks hit yard sales and so on and so when I moved out I had basic furniture, pots, pans, and some plastic containers, and silverware.