Not your father's basement panelling.
Oh, wait... yes it is! This is exactly what we saw in homes of our region, in the panelled basements. It was often mistakenly called knotty pine, or wormwood, ... but it's actually a rarer commodity called Pecky Cypress.
I found this sample in the basement of a property my buyers and I just put under contract. It's in pristine condition, and a serious throwback to the 40's and 50's.
I have seen this wood used in some recent contemporary homes... but painted white.
I prefer it in it's natural state as shown on the left, but then I'm a throwback to the 40's and 50's myself.