Ugly wood panelling on walls - best solution?

Has anyone had any experience with wooden panels on walls? They are truly hideous and dated, running at diagonal angles. Ugh.

This is in a property I'm thinking of buying, but would like to get an idea of how to deal with that particular reno item - costs/effort of taking the panelling off & plastering and painting? Or can you plaster/something over the top & paint?

What do you guys think?
Is the panelling the actual wall, or is it a veneer covering?

Easiest solution is to paint over it, whilst feature walls are all the rage with panelling. Otherwise pull it down and gyprock/plaster.

I wouldn't want to plaster over it, as you may end up having it crack/break down which will cause more hassle.
Plenty of options but what is the wood paneling made off exactly ??

Sold timber of the cheap fake looking timber sheets.

You might even find if you take the paneling off it might be plaster.
We did a reno on a 1968 place, one wall was solid timber tongue and grove nailed to the timber frame wall, we just put plasterboard over the top of this, flushed and sanded and painted, good as new. That was in the hallway.

In the lounge it had the veneer wood panel glued over the brick, must have been done late 70's, so we ripped all the wood panel off (it was 3mm thick) came off easy but left heaps of glue on the brick, we just used nice big blogs of plasterboard glue when we fitted the new plasterboard over the brick, flushed, sand, paint and it was done.

As long as the space can cope with the wall becoming 10mm thicker it's just a matter of working out if you can rip off the current stuff or not, or is it easier / cheaper to rip if off or leave it on?

Just did this to a place we renovated last week.

Depends on what is behind it, the client had gyprock.

1) Ripped them off, it left faint lines running down, and holes where the nails were;
2) Scrapped off or sanded bumps;
3) Puttied the holes;
4) Painted undercoat;
5) Puttied bits we missed;
6) Painted 2-3x topcoat (depending on how visible the putty was).

Was done over 3-4 days (amongst other things). Wouldn't be able to tell it was ever there.
Thanks everyone
I am not sure what's behind the panels, will need to check if I buy it - but at least now I know there's manageable options!

Strange to think that once upon a time people looked at these and said, 'ooh yes, that's nice!'
Makes me wonder how what we consider modern today will date & what will supersede it!!
We put MDF sheets on top of the panelling. It was coming away from the wall so painting would've looked shoddy but didn't want to risk pulling it off the wall and then needing a gyprocker to patch the walls