a striped material could be impressive, adding to the lines of the chairs, or a large patten (Marimekko seems obvious but there are other possibilites as well) since the chairs are linear and simple.
Black and whte would be nice but I'd recommend color, to sort of erase the late 1970's-ness of the chairs. Maybe repaint the armrests to match the material, and if you're patient you could even repaint the metal tubing in black or solid white for example.
Imagine black tubing with a brightly colored material, that could be cute.

You must remember whatever color you choose to cover the chairs the fabric color will change under the smokey colored glass table

Oh come on, people! Where is your creativity!! Without knowing what your decorating style is like in the rest of your place, I can only tell you what I would do.....paint all of the metal and the arm rests either glossy white or black (I would go white). Cover the faux leather with a bright and happy fabric go buy a new clear glass top.

Here is a cute green/white giraffe print fabric that might be nice: http://www.jcarolinecreative.com/Merchant2/merchant.mvc?Screen=PROD&Product_Code=1020-001040-001&Category_Code=1020&Product_Count=16

thanks guys for all the advice...
I am seriously considering painting the arms and legs of the chair white and like Daniel Poitiers recommended ,I am looking out for a geometric or stripped pattern to match the geometric shape of the dining set.

maybe this link will get you to miss amandaa's fabric suggestion:

http://www.jcarolinecreative.com/Merchant2/merchant.mvc?page=JC/PROD/1020/1020-001040-001

it's a cute fabric.

the metal could be repainted, but i wouldn't do it in white--cuz of the color of the glass, it'd look odd. maybe in a bronze finish?

Uhm, sorry, I don't think new fabric can do much for this dining set.

You could just dip the entire thing in rubber....

http://www.apartmenttherapy.com/boston/look/look-plasti-dip-put-to-use-076034

I recommend changing the glass top to a thick piece of round glass instead of the hex-o-hell. Then change your upholstery. If you want, you can spray paint the whole thing chartreuse too....I think you would do yourself a favor by changing the fabric on the chairs to a white canvas-or something to coordinate with your room. xo

It looks like the metal could use some metal polish, like Blue Magic. Making the legs shiny again would help.

I'd reupholster in a bright modern pattern, and also look into replacing the table top -- the smoky glass is not working with the chairs. Maybe something wood?

Assuming that you in some way like the set as it is, and that painting it or changing out the glass top are not what you had in mind, I would suggest looking for a geometric print that includes a hexagon motif, ideally in gray plus white or cream. Stripes in those colors might also work. Keep the fabric casual.

Excellent buy for $25. My first thought was Madras plaid on the chairs, but placed on the diagonal of the fabric to echo the diagonal lines of the chair legs and table top.

I don't think this set is awful at all. The metal needs help - is there a way to polish it? I can see a cool orange pendant light hanging over the table and a wine party with fondue. Just roll with it! :~D

If that doesn't go with your style, though, then painting and fun fabric sounds good. I agree on replacing the glass - smokey doesn't really party with marimekko style.

I think if you only paid $25 bucks for this, then the suggestion to replace the glass isn't particularly economical, especially since I think the brassy color of the legs is what makes it look a bit dated/cheap.

So my thought is- why not paint the underside of the table top? There are lots of interesting ways- lace prints, geometric patterns, spray paint metallic, etc etc to make it match up with whatever fabric you choose for fixing the chairs. Just remember, when you glass paint this way, foreground has to go on first, then background.

I think the biggest problem is that the table and chairs don't look like they belong to each other- nothing repeats between the two. I'd probably try to find a sort of mod fabric with a white base, and accents in nuetral colors like brown or grey, then paint the tabletop in a variant of the pattern. It would of course end up kind of smokey, but I bet it could be a cool effect as long as the accent color didn't clash. Also I'd paint the arm rests to match your theme- again trying to bring unity to the separate parts of the set. Good luck!

this is definitely not worth saving..

I think the top is fine as is to keep it economical, and I agree that the fabric should echo the shape of the top. I like the idea of painting the brass pieces - brass just puts things squarely in the 80's for me and screams chintzy. But I don't think you have to limit yourself to black or white on the painting... depends on how much you want to call attention to the shape of the legs vs the fabric. I think it could be really cool - and bravo to you for having the guts and sense to do it! You all have certainly inspired me to look more at re-finishing furniture rather than buying new.

I'm all about reduce/reuse/recycle, but you blew it on this one. That thing is damn ugly. Just admit that you made a mistake, donate it to your local thrift store, and write it off as a $25 deduction.

You guys are harsh ... I'm sure Kelly Wearstler would love this dining set !!! ;-)
Seriously it can be saved.

Paint the metal black and the glass white (can you do this?) and put a great graphic black and white pattern on the chairs.

Its worth saving. You got a good deal.

I'd suggest a dark grey fabric. Then add a bright yellow centerpiece.