I'm not sure that the benefit (looks nicer) of a drywalled ceiling outweighs the associated costs either monetarily or frustration-wise. Taping and mudding a wall isn't 'hard' (more frustrating and time-consuming), but everyone I've ever spoken to about doing the same to a ceiling, even down to the actual drywalling immediately shudders when it's mentioned.
That being said, a lot of the suspended ceilings made now look not too bad - they don't have to look like the roof of your old classroom or anything. Also, keep in mind that a suspended ceiling will be far easier to work with if any of the plumbing up there bursts.
By the way - relating to costs - I think I'm in for less than $2000 at this point and I've bought all the drywall and am installing it now. Electrical's done. I figure maybe another $2000-$3000 to get the basement fully done, and I knew very very little about this stuff before I began.
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