You could put in a roller shade or roman shade as a more formal alternative. Check out The Shade Store who can give you really competitive pricing.

I think a Roman Shade always looks great over a kitchen sink window especially if there is not a view from the window you are trying to block

I have had the same exact issue with my kitchen. I have a small apt. I finally saw a kitchen window on Pinterest! It was covered from the middle down. The top was left open and there was a wreath on it. Super cute idea and I can change the wreath with the seasons. It also made the window seem a lot bigger than it is.

If you want more privacy definitely consider just changing the shape of the shades. Maybe a small subtle pattern to match your walls around it.

The honeycomb is functional. You could change to a fabric shade or you could add a fabric valance over the existing shade that will add a nice pop of color. When you open the shade it will disappear behind the valance. For some great new fabrics check out the new Madcap Cottage fabric collection at Smithandnoble.com. Colorful and fun!

I would remove that shade and replace it with a white curtain swag.