Rather than painting the "wood" paneling, you would get better results by sheetrocking over the paneling and painting the new sheetrock walls.

I like painted paneling - it adds texture if you have a great color. Just use a good stain blocking primer like Kilz first. A nice green with lots of yellow is very classic, still neutral but adds so much light over brown wood. test greens like sw recycled glass http://www.sherwin-williams.com/homeowners/color/find-and-explore-colors/paint-colors-by-family/SW7747-recycled-glass/

Painting is something homeowners can do themselves - a wall makeover is usually beyond them.

white wash or paint completely over the panelling.

Paint them a creamy white, and yes, primer is very important.

We painted our paneling. I would recommend having a painter do it. They had to sand ours a bit and put a small piece of caulk in between the planks. Otherwise when the panels contract and expand it will look awful. Our neighbors painted their paneling themselves without caulking and it looked really bad. They needed up hiring a painter to re-do it. You also need to paint all with a paintbrush, no rolling.

If the panels are nice and tight don't caulk. My painters caulked my 3/4" solid pine paneling in my family room and over time it dried out, pulled and looked horrible. I had to dig it all out by hand and it was a nightmare. Have it painted in the winter when the furnace is on and it will be at its driest and least tight. There is always a possibility of expansion and shrinkage with wood, that just the nature of the beast. I can't tell if this is solid wood or not.

We painted or paneling and it came out great! We didn't caulk. We used tinted primer and then Benjamin Moore Aura paint. We get compliments on it all the time!

Looks great!