Advantages:

1. The panels can be removed and replaced with relatively modest effort.
2. It installs quicker than traditional methods because there are no finishes to apply
3. It's a cleaner install because there's less cutting, no drywall dust, etc.

Disadvantages:

1. It's expensive. My estimate is 25%-50% more than traditional methods.
2. Limited choices of finishes. There's only one color for the wall panels, one or two choices of ceiling tile, and one or two trim colors.
3. To me, the finished walls are reminiscent of an office cubical.
4. The wall panels can’t be painted to change their color.
5. The wall panels can’t be repaired if damaged. An individual panel is somewhere around $250.
6. I don’t know how long OC is planning on staying in the basement business. Will these panels be available in 10 years if one needs to be replaced?

Hope this helps.

Mike

Be sure to link on the comments.

Expect to waste up to 4 hours with a sleazy insulting salesman, it seems, who will pretend to call his manager, get a vague, no responsibility contract, not to be able to view an installation, and to be lied to and pressured to sign a contract for up to $70 a SF. Like buying a used car where you're the patsy.

Mike

I am referring to the 24" x 96" x 1.5" pink styro panels that have a rabbitted edge which accepts a 1 x 3 screwed over it. One can screw drywall over that, or Tyvek and panelling if the building inspector doesn't catch you (you are supposed to put fire-rated over foam products but on a basement wall which has a covering, it is not that big of a deal.

I saw these pink foam 1.5' panels on sale at HD a few years ago but have not seen them since (unless they put them in the back someplace).