Paneled Walls- So 2000 and Late?

Paneled walls- does the idea make you shutter?  I tend to visualize the 70s and those horrible wood paneled walls that look cheap and claustrophobic.   So when our design firm met with a client and proposed to do their living room walls in a panel style last week, I was as surprised as you that they agreed.  But no dark wood paneling in this job!  Something a little more along the lines of this...

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Classic, warm, and textured.

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With a more classic shade of white, I think large, long panels can look rather regal.  

Are you a fan?  Would you ever do this in your home?