Painting - unfortunate painting choices on paneling

We are moving to a new house, with a paneled living room area. The living room also has vaulted ceiling with exposed beams.

Unfortunately, the prior residents decided to try a faux painting thing over the paneling, and also painted the beams. The thing looks hideous now - sort of a blotchy spotted cow effect on the walls, with plastic looking beams. Yech.

We are debating tearing off the panelling and putting up wall board, vs. repainting. We don't particularly like the look of painted paneling, but cost and time are factors. And what to do about the beams? What about wall texture all over the paneling, to make it look like just regular textured walls, as opposed to painted paneling?

Ideas, suggestions, etc?

Holly C.

Here is a cheaper solution to your paneling problem than putting up new wall board. Click me! (http://forum.doityourself.com/showthread.php?s=&threadid=88109)