Many use suspended ceiling tile in basements to have access for plumbing, heat dampers and other utilities.

Ours is drywall. Access points are provided where necessary or possible. Otherwise, drywall is relatively easy to repair if ever a cut becomes necessary. We like the look of drywall vs. tile and product cost is less.

A neighbor used tongue and grove beadboard for his basement ceiling.

I've known people to paint everything black and just let it disappear but I still think it would become a dust collector. Good luck finishing yours.

Take a look at these - vinyl tiles. This is what I am planning to use

You can order a free sample to check them out. They do look as good as the pictures on the site.

The tracks for these are much simpler to install compared to a suspended ceiling. You can find the grid supplier here:

http://www.ceilinglink.com/index.html

Here is a link that might be useful: Vinyl Ceiling Tiles

Like the idea of the vinyl tiles. Great selection and they look stylish. Thanks!

Having fixed a few drywalled basement ceilings, I think drywall is a really, really bad idea. Inevitably a pipe springs a leak and the water never appears directly below the leak. Now you're hacking up the drywall trying to find it. Sometimes your needs change or you discover the space isn't quite works as planned and you want to reposition lights or run new wire/cable. Maybe you want to add a spigot outside or run a gas line to the new grill. Having access makes all of that a whole lot easier.

While something like a suspended ceiling might not be as attractive some kind of ceiling that comes down easily in reusable pieces is a better plan overall. Frankly, most people don't spend that much time staring at the ceiling and the walk down the steps will tell your visitors they're in a basement.

I build higher end houses and drywall is the order of the day.

Here's a video of an interesting drop-in tin look alike ceiling.

We had ours drywalled and used access panels for things like the water shutoff valve. We installed small pot lights in the ceiling -- I am very happy with how it looks.

Ceiling link is another option with only a loss of about 1 inch ceiling height.

Here is a link that might be useful: Ceiling link

Thanks for posting these links. We're planning to finish our basement down the line and some of these choices are gorgeous! :)