Plywood Walls Around the Home?

Plywood is usually the sign of a work in progress, but as this living room proves, it doesn't have to be. For an inexpensive way to cover your walls, you could consider using the material as an off-beat option...

This image comes from a 2007 Country Home Magazine showcase home (random, we know). We're still a bit skeptical, but under the right circumstances we think walls covered in plywood could be a modern, unique and very affordable way to update a room. Tell us, would you consider using plywood as a wall treatment?