When we bought our house a few years ago, there was A LOT of wood paneling... I've tried literally EVERY method, but the one I use is EASY and covers perfectly! Only 2 coats!
Image titled Cover Wood Paneling Step 15
Tutorial showing how to easily paint wood paneling. InMyOwnStyle.com
How to EASILY Paint Over Wood Paneling
Peel-And-Stick Wood Panels Provide An Instant Reclaimed Look | Co.Design | business + innovation + design
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Painted wood panelling More
I don't have panelling, but this is a great tutorial to make it look like drywall.
Hardwood Bargains Peel-and-stick REAL wood paneling - Easy, affordable DIY to transform your home