I'd rather have a nice, all over wall treatment than planks of wood at the bottom of my walls. it looks really cheap, to me, and ranks right up there with old, peeling wallpaper..
I don't think every example I've seen of it looks good, but when it's done properly with tasteful shades complimenting other elements, I think it can look good.
We used to live in a house built about 1910, and there was wainscoting in our bedroom. I'd never had it before, and I thought it looked really nice.
Totally off topic, but whenever I hear the word "wainscoting", it always reminds me of the Monty Python sketch about the killer sheep, and their boss, Basil.
The police are looking at a "mouse hole" that is actually big enough to let a sheep through. Somebody mentions the hole is in the wainscoting.
The chief inspector says, "Wainscoting, wainscoting...it sounds like a little Dorset Village..."
Well, it sounded funnier when Graham Chapman (RIP) said it. Actually, it was hilarious. Any Python fans out there?