Here you can see my attempt at covering the box. I just used fabric I had laying around and some Mod Podge. It all worked out OK, except once you put the fabric on, it makes it too bulky for the top to fit on right. In order to smoosh the top on, the sides if the box cave in a wee bit. Once you pry that label holder off on the front, the grippers don't want to hold anymore, so you have to hot glue it back on.
Furthermore, the inside of the Martha Stewart boxes are prettier:
I decided that the aggravation of sticky fingers, smooshed in boxes and undecorated insides were not worth it.
The photo box is normally $16... I used a 50% off coupon to make it $8. The craft box at Wal Mart was $5, plus I used about $5 worth of fabric and glue... So, really, with a coupon, it wasn't a savings. I suppose if you HAD to have something in your very favorite fabric, then making your own would be worth it. But since the boxes come in a pretty blue, as well as white, black and brown, I am happy with them as-is.