@JWA Electrical Both photos are from Houzz. Click the link below each photo to see the project.

I would select wood over concrete but a combination of both could also look attractive. The picture of the Ply solution you have provided is too over the top yellow (and I have lived in a Lockwood home and loved it). I would go for wood as you can select to paint some of the walls or just the ceiling and leave some of the walls and / or ceiling plain. With wood you have options, Concrete is a little more difficult to change.

I love rendered concrete walls, but detest bare block walls as in the pic above. It feels like living in a warehouse. Having lived in such a house, it was well worth the $$$ to have internal render and a coat of paint. I did leave one wall as a bare render feature wall and sealed it with clear sealer.

Couldn't live with all that plywood though.

I do prefer the concrete look, but it might make hanging pictures, shelves etc a bit more difficult than the plywood option... so I guess concrete is more for the minimalists.

I chose neither, as I don't like how cold concrete looks and I detest the plywood craze, give me plaster any day for a soft warm feel

We are yet to move into our new home. I like both of these products very much but not enough to use them through the entire house. We have beautiful blond plywood on our very high sloping ceiling in our living space; no nails or fixings visible and a narrow black shadow line between the gaps. we will be having concrete 'sexy floors' (Trade Name) in our studio and garage, a wonderful glossy finish that are absolutely non-toxic. Different patterns available.

Most likely plywood is much warmer than concrete...

In my experience!