Many ways to skin a cat...

There is no place where the old adage applies more than with furniture refinishing.  With the myriad of wood finishing supplies available there are many different directions to go and there isn't really a right or wrong way.  Ultimately it comes down to what the goal is for the final product.

One of the things that gives mid mod furniture value is the materials that were used.  In today's affordable furniture you rarely find real walnut or teak or mahogany.  Lower grade materials are used and stained or colored to look more like nicer materials.

That said, because mid century furniture was generally produced in a production environment, the original process used wasn't always the process that did the most to highlight the material quality.  Manufacturers have to make concessions to control the speed which they are able to finish the pieces.
Their process also has to mask material variations and quality issues.  A nightstand made on monday much match a dresser made on friday from a different batch of materials.  Finally, their process must reflect the desire of the marketplace.  For example, I'm not sure why dark brown "wormwood" finishes were popular in the '70s but many of the manufacturers did it.

One of the foundations of modern design philosophy is to celebrate the materials used.  The simple, straight lines of modern design tends to put the focus on the materials.  Often in modern architecture things like concrete walls and wood or steel beams are used as a design element rather than covered up.  I try to adhere to the same philosophy in refinishing.

The process I use for most pieces does not involve stains, dyes or toners.  Rosewood, teak and walnut are all beautiful materials on their own and staining covers that up.  The process I use is one that custom furniture makers and acknowledged finishing masters like Sam Maloof and Bob Flexner profess.  It requires complete stripping of the piece and more meticulous prep as there isn't a stain to help hide imperfections.  Each coat of finish gets a different formulation.  The finishing masters also suggest to think of finishing pieces "in terms of weeks, not hours or days".  It is not a finish that is well suited for a production environment where manufacturers need to minimize the time pieces spend in the finishing department.  But for maximizing the potential beauty of the wood and giving a smooth feel to the hand, it is difficult to surpass.

Many of the vintage furniture refinishers and resellers are trying to repair or cover up blemishes incurred in the 50 or so years these pieces have been around.  They often only refinish a top or parts that show obvious damage.  In some cases it is easier to paint parts and alter the design intent.  Again, it isn't a wrong way to do it if your intent is to get the piece back out the door quickly.  My goal is to make these pieces shine in a way they perhaps never did by honoring the materials.  It is a more meticulous and time consuming process but it shows in the end result.