Wainscot (wains'skat);  Mostly known as a wood lining or paneling along the walls.  Traditionally, a beaded wood panel from the floor to about half the height of the wall.  Back in the day, wainscot also had a chair rail bordering the top edge of the panel, a practicality which prevented chair backs from scratching the wall.

I was originally attracted to it in older homes when I began rehabbing in the 70's.  In most cases the panels consisted of dark stained, narrow slats of beaded oak or hard pine.  Usually, the chair rail was a decorative ledge type mold and the wall above was either wall paper, texture or Spanish style stucco. Very gaudy.

   These days, wainscot carries a natural wood appearance and creates an attractive contrast with a stained wood floor.  I do like the bright effect of unstained beaded wood panel with a reasonable, medium toned (silk or leather) wall paper or a nicely painted fine texture. 

In extreme wainscoting, the walls and ceiling can be covered in alternating patterns. This is especially appealing in a large room with a high ceiling.

 I would suggest that a nice (affordable) accent in a dinning room or bedroom would be one wall along side the table or behind the bed-set,  a beaded wood wainscot from floor to ceiling, sealed with a clear, matted finish, for a warm, romantic ambiance.