Updating a wood panelled wall
Display decorative, hand-thrown pottery and wooden decoys on tables.Use baskets for extra storage on the floor or hang them in decorative groupings on walls.Dress windows by hanging floor length gauzy panels off to the sides.
After cleaning, priming and finally painting the paneling, decorate the room with natural fabrics and beach glass colors.
Beautiful bathroom with blue toile wallpaper over beadboard wainscoting framing a Parisian Pedestal sink finished with a black lacquered Baroque style mirror flanked by a pair of polished nickel wall sconces.
Gorgeous bedroom with pink floral drapes alongside beadboard paneled wainscoting on bottom half wall paired with pale pink upper walls over a brown polka dot headboard layered in pink scalloped bedding with pink floral pillows and green accent pillow flanked by a contemporary white single drawer nightstand topped with a bottle green glass table lamp.
I think more wood paneling was installed in the '60s and '70s than any other time period. Well I for one never listen to conventional wisdom.
If retro isn't your decorating style, the good news is--you won't have to remove the paneling; it can be painted. If you are nervous about how your paneling will look, pick an inconspicuous spot and do a test patch. Paint it on just like a normal wall, masking off the ceiling, trim and baseboards.