Good recomendation Glenn,
I would recommend getting ball valve shutoffs. So much easier to make a 1/4 turn and have the water OFF, rather than 5-10 yrs down the road, trying to turn that fiddly little plastic handle hard enough to get the water to shut off because the valve has corroded, filled w/ deposits, etc.
I agree the corrosion you see there is enough that by the time you clean it up to "fix" it, you are going to have knuckles that look like roadkill, you will have invented at least a dozen new xxx rated phrases, and you will end up without an operational sink for a couple days for what you expected to be an hour long process.
Don't be surprised if you need to pull out the hack saw to cut the thing off. With the rust on there, it is going to be hard to turn anything, then whatever wrench you have on the nut is likely to slip and round it off quicker than you realize. If you can loosen things just a bit, then you can slip the blade in under the faucet on top of the sink (put down rags to protect the sink) and cut the connections from there. It beats laying on your back under the sink, working up over your head with only enough room for one hand, but needing three.
Good luck. I know I probably made it sound miserable. Just realize sometimes it is better to replace than to repair. Plumbing w/ corrosion and hard water deposits are a good example of this. When you start futzing w/ them to repair one thing, about the time you get it all back together is when something else acts up.