My house was built in 1957, and the garage walls (and ceiling) are all covered in a skim coat of what appears to be cement (decorative finish). The coating is about 1/8" thick, and it's on top of what appears to be 2 feet by 4 feet panels. The panels are not very thick, I would guesstimate about 1/2". The panels have been drilled numerous times by the previous owners and are white on the inside (they look just like drywall). I'm slightly concerned about the possibility of these panels being AIB (asbestos insulation board); but I've never seen AIB panels before... I'll be painting over everything just in case, but I figure I'd ask first.
I've only seen this finish once in my lifetime, so it's pretty interesting. I'll bring in some pictures later on today.