I think by now you know that I'm addicted to beautiful woodwork. We've added trim around our windows and doors, taller baseboads, board and batten, and beadboard just to our first floor. I really wanted to add a planked wall to our fireplace wall or our staircase walls, but I had to draw the line somewhere. That doesn't mean I still don't admire them or save every single picture of a planked wall I come across.
Most people think of a rustic cottage when they picture planked walls, but they can still be elegant.
Planked walls don't have to always be placed horizontal. Not only does it wrap around the room in this photo, but the ceilings are also clad in wood.
A good DIY project is just to plank the area above your fireplace.
Just for a starting point, of course.