If you decide to replace the shutters, make sure you get paintable shutters. Not all of them are paintable. I have painted dozens of them with Sherwin Williams exterior latex. Properly prepared (cleaned and good primer), high quality latex will hold up great.
If I remeber right, the colored (green/burgandy) shutters from the borgs are not paintable. The grey ones are, just read the package. If you decide to just paint over what you have, make sure you use something better than borg brand paint. As with most things from the borg (think plywood), there are better places to buy most supplies. Behr aint all it's cracked up to be IMHO.
Good luck.