For a room that's 20 X 32, I'd say a higher ceiling would be better proportion, so I'd go with 10-feet high, if everything else is equal. Of course, you're interested in no ceilings, but the proportion of the space will be similar.

There's lots of challenges with exposed framing, including:
--Common lumber has a rough look to it and may have knots, painted grading information, etc. It won't be neat and tidy, that's obvious looking at the photo;
--Choice of second floor sheathing is critical, since it becomes the first floor "ceiling". Common sheathing tends to be plywood or OSB panels.
--If you are concerned about impact noises from the second floor (walking, moving furniture, dropped items, etc.) then exposed framing may not be your best choice. Carpet and pad on the second floor will help, but then the underlayment becomes an issue again.
--Perhaps the most critical planning is for utility systems--electrical, lighting, plumbing and HVAC, etc., all of which can totally wreck the aesthetics of exposed framing unless very carefully designed and installed. This takes a lot of effort and can easily lead to more expense to reroute and/or treat these systems where exposed and/or where you don't want them exposed.
--Exposed framing tends to accumulate dust, spider webs, and other similar debris, over time, so may not be best if occupants have allergies or are neat freaks.

I won't get into the impact on resale value, since I think folks ought to design their residences and live the way the prefer, but it may be good to keep in mind that future buyers may not be enchanted with exposed framing and all that goes with it.

Hope this helps. Good luck with your project.

I have done it by doubling the joists or using thicker lumber and placing them 32" or more o.c. with a thicker subfloor or T&G structural decking above.

Doubling the joists might also avoid the need for blocking if the joist depth and spans are not too great.

It can also be effective to install gypsum board or other finish between the joists on resilient channels attached to the bottom of the decking. Without it resilient underpayment above might not be enough.

doubling the joists etc.

Great ideas for improving the look of an unfinished ceiling. (Or the OP could just use drywall, plaster, wood, tin etc.)

If there is supply piping, I would consider plastic rather than copper to avoid possible condensation, depending on the climate. Or add insulation to the piping.

I briefly thought I was into this idea . . . but I'm not. It's too loft-y, too utilitarian for me. I don't like the idea of seeing the vents and/or light fixtures.

Do be careful looking at online or magazine pictures of this concept. many of them (not the one above) are angled in such a way that these "ugly parts" don't show.

Exposed structure and systems in residential projects appeal to some and not to others--just like anything and everything else in design and construction.

Seems to me those who have lived in urban lofts and buildings (and those who admire that aesthetic) will definitely like exposed framing and all that goes with it.

Similarly, architects and designers and all those who understand and appreciate the various systems that make up building construction will also like exposed structures.

Conversely, many other folks who like much more conventional, neat and finished spaces will want their spaces constructed in a much more tidy manner, which is just fine.

But I'd suggest that there are no "ugly parts" in design and construction, just parts that some find appealing (and may want to celebrate) and others don't.

The design goal should be to find what makes you happy.

I have a saw mill shot 20 min away that should be able to mill the joist if need be,I like the joist painted white but not for sure if that is more upkeep or not,I have seen sheetrock around the joist and then the joist that sets above the sheetrock,I have posted a pic that looks bad and is definitely not what we want.