I've got the pros and cons of-
http://franchising.owenscorning.com/bfs/
Outrageously expensive!
I've seen several projects since it was initially introduced. I saw it at the International Builder's Show that year.
It's sound absorption quality is amazing. Is relatively easy to install and remove (this is a major "selling" feature if one has to gain access to an area behind a panel).
Installing electrical, low voltage, etc. is less than stellar. Hanging artwork can be a challenge and the "look" is not as "soft" as one would imagine.
I have always stressed the importance of continuity when finishing a terrace level of a home. People always have these grandiose plans that don't fit the rest of the home- same is true of OC's basement system.
All-in-all, D/W and paint are cheaper. And a paint color is much easier to change than a fabric color.