I am in the planning stages of a basement finishing and am stumped on what type of ceiling that I would want to install. I hate the looks of traditional drop ceilings, but don't like boxing the ceiling up with drywall.
I think the best solution, and an elegant one at that I think, would be to build tray ceilings in each room, with the lower perimeter sections drywalled in, and the majority/raised part of the ceiling covered by a wood drop down system.
These systems seem to consist of a traditional metal frame with wood moulding clipped on, and then finished with wood tiles dropped in. I like the look, but wonder about the extra weight of the wood on the frame and quality of the available brands.
I would worry a wood ceiling in a basement could close you in. However, if you search for decorative ceiling panels you will find wood/woodlike options for standard drop ceiings. Wood Trak is a company that advertises here. I have not used their projects.