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Wall paneling installation requires one to three days for a standard room, with timing dependent on the complexity of your chosen style and space dimensions. Basic installations like shiplap in a small room might be completed in a single day, while intricate designs like raised panels in larger areas could extend to several days. 

Preparation work, including wall repairs or existing covering removal, adds to the timeline. Professional installers often complete projects more efficiently than DIY approaches, which might span multiple weekends.

Wall paneling covers entire walls from floor to ceiling, while wainscoting specifically refers to paneling that covers only the lower half of a wall. Originally developed to protect walls from chair damage and moisture, wainscoting now serves primarily as a decorative element that adds architectural interest. 

Both treatments enhance room aesthetics, but wainscoting requires less material and therefore costs less than full wall paneling. Wainscoting prices range from $1 to $10 per square foot, making it a budget-friendly option for adding character.

Basic drywall installation costs $1.60 to $2.35 per square foot, making it less expensive than most wall paneling options that range from $1 to $40 per square foot. However, this initial price comparison doesn't tell the complete story. Drywall requires additional finishing steps, including taping, mudding, sanding, and painting, which add to the total cost. 

When comparing finished drywall to simpler paneling styles, the price difference narrows considerably. In situations where existing walls have significant damage, paneling installation might actually prove more economical than extensive drywall repairs.

For most full-wall paneling installations, removing baseboards is recommended to achieve proper fit and alignment. This allows panels to sit flush against the wall and creates a more professional finished appearance. After installation, baseboards can be reinstalled or replaced with new trim that complements your paneling style. 

For partial-wall applications like wainscoting, existing baseboards are often replaced with trim pieces specifically designed to coordinate with the paneling. Consulting with your installer about the specific requirements of your chosen paneling style will help ensure proper preparation and finishing.