Higgs: I would go with a hardwood veneer 3/4" plywood (less $ than large dimention hardwood) and definitely use face frames to hide end grain. Sky is right, fix the top and bottom shelves with dadoed rear panel for support. I recommend shelf pins (either 5mm or 1/4") for the supports which offer a very clean look. There is a great jig and self centering bit avail from
www.rockler.com . I would also suggest finishing it off with a nice crown and base detail to give it a "piece of furniture" look. If crown is a bit rich for the look your trying to achieve then incorporate an arched or detailed top rail on the face frame. Good luck!