In my current project we have to develop a good looking desktop based application in java.
Currently, we have a very basic desktop application written in swing and team
You can make it look just about however you want. Especially if you write up your own look and feel. I've done it myself with semi-transparent panels and simplistic buttons.
Have a look at the screen shots at:
http://www.taranfx.com/best-java-swing-look-and-feel-themes-professional-casual-top-10
Nimbus is a new look and feel which is gaining popularity, and it looks very professional imo: