I bet a lot depends on the materials you will be using. The more heavy weight the individual panels are, the more substantial the hinges will need to be. What are your panels to be made of? How heavy will they be?

Also, I bet if you use more hinges per panel, you can get away with something lighter weight.

I'm planning on using either MDF or poplar, both 1" thick. The panels will be 1"x12"x72", and there will be four (three joints total). Thanks so much for your help! :)

Don't know whether the design will be similar to the one pictured but on general terms, those are two very different materials. 1st, 1" mdf is very heavy (even light weight mdf, which they make) vs poplar is solid wood, light weight but will want to move more than mdf which is very stable. I think your design may dictate the best material for the job.

Ben Moore's Mohave Desert/1115 is very similar.

The ottoman is from Crate and Barrel with a custom fabric

You can find similar panels at the Silk Drapery Company!

...or Pottery Barn, Restoration Hardware, Horchow, Overstock.com, etc

Here it is! http://www.allmodern.com/Thomas-Paul-CBC-TMP1142.html?cv=

It's by Thomas Paul.