Panels are the fastest way to make a wall look finished without touching a single brick or stud, and that is really the whole case for them. A flat painted wall reads cheap the second the light rakes across it at a low angle. Add panels, even simple flat ones, and that same wall has shadow lines and a bit of depth, and suddenly it looks like someone planned it rather than just painted it beige and hoped.
How they age depends almost entirely on material and finish. Real wood panels, even a thin veneer, will shift slightly with the seasons, so leave a small gap at the edges when you install and don't caulk them in tight, or you will get cracking by the second winter. MDF panels painted in a hard satin or semi gloss wipe clean and hold up well for years, which is why they are the better choice in hallways, kids' rooms, or anywhere near a kitchen. Dust them with a dry cloth monthly, and if you paint them, go back every few years with a light fresh coat along the recessed lines, since that is where scuffs show first.
Measuring is where most people get it wrong, and the mistake is almost always going too small. Panel height should relate to your ceiling, not just a standard waist height rule, so in a room with eight foot ceilings you can go higher than you think, maybe to shoulder height or beyond, before it starts to feel like it is choking the room. In a room with low ceilings, keep panels lower and let plain wall breathe above them, or the room will feel shorter, not taller. Always dry fit or tape out the layout on the wall before you commit, because a panel line that lands right at a light switch or outlet looks like an afterthought forever.
When you are shopping or on delivery day, check the edges for straightness, not just the face, since a slightly bowed panel will show as a gap once it is against the wall. Check that the finish matches across the batch, because factory runs can vary subtly and you won't notice until they are side by side under window light. Count pieces against your actual wall measurement before the delivery driver leaves, not after.
If you are starting with nothing, go with a simple flat panel in a paintable finish, nothing fluted or beaded yet. It is the most forgiving to install, the easiest to repair, and it gives you a calm backdrop that changes character completely depending on whether the afternoon light is hitting it straight on or sliding across it at an angle near dusk.
It takes a wall you walk past without noticing and gives it something worth looking at twice.