Walls and Ceilings - More Paneling ReModeling

I am buying a nice house with some expensive paneling in the family room and in the basement. I'd like to remodel, since I don't prefer paneling. However, I don't want to hurt the paneling, because I believe it increases the value of the house. So painting is out of the question. It doesn't seem like wallpaper or wallpaper-like covering is all that easy to remove without some leftover damage to the panels. So, I was considering some method of sheeting. Does anyone know anything about sheeting? I think there are several methods - what's cheapest, easiest, quickest to do myself? Anyone?