When I first moved into my house, I wasn't very fond of faux wood or even real wood paneled walls. That has since changed somewhat, since my design style has changed. However, I was intent on getting rid of them or covering them up some how when I first moved in.
If you are not a fan of paneled walls you can remedy it by a little trick I came up with using paint and chair rail. You simply paint each panel an alternate color, stripes in other words. Then, you finish up by adding chair rail and this will make the bottom panels look like wainscoting.
Also, a word of caution, if your walls are old, and mine are, they will probably be uneven or bumpy. Make sure you use caulk to seal the painters tape when making the stripes. It's a life saving tip I learned from watching HGTV!
Normally we would seal the painters tape with paint (the base color) but this only works on smooth walls.
By the way, the house is under progress, so ignore the mess!