Wallpapered/Painted Hardboard

Has anybody applied wall paper or paint to hardboard? Around $6 a sheet, looks like a deal for an interior skin. Back in college, I used chalk board paint on some and made chalk boards, it worked pretty good. How do they take interior paint applied with a roller for texture? How wel can it be wall papered? I don't see the benifit of paying tripple that for ply just to cover it up. Personally, I think going with wood cabinets is enough accent for my taste.