Here's what I had in mind...
Felix B
>The project is a desk with serpentine front (I took top off and pulled out the drawers for clarity).
The idea of having sides flush with the legs came from the "requirement" to keep it as simple looking as possible....
The pedestals (yellow) are veneer core ply (sides) reinforced with the solid wood in the corners.
Additional reinforcing inside the cabinet will not be necessary (as suggested by Ellis) - internal frames (purple) should provide enough structural support. Thanks for a good thought, though.

Each pedestal is mounted on top of the leg assembly (Orange, pegged M&T joint). Molding at the bottom of the pedestal (red) is to cover the visible line between the leg assembly and the pedestal.

Your replies were very helpful and after thinking about what all of you had to say, I agree that the flush edge between the plywood panel and the corner stock can be achieved, but perhaps with the degree of accuracy that is outside of my abilities.
Offsetting the panel and using spline seems to be the optimal solution here. Perhaps a strip of 1/4" ply (as suggested by Ellis)
Once it's done - it'll have one color - Cherry.
Again, thank you everyone for your valuable replies!
Felix