A poor man's coffered ceiling

We have done some work on the house in between trips. Since the drawing room ceiling was wavy (not due to my drywall hanging abilities, but because the floor joists had settled) we decided to solve the problem by painting panels and making a coffered ceiling. This is the poor man's coffered ceiling in three steps. First, start with hardboard ($5-$6 per 4'x8' sheet) cut in half (4'x4' panels) and have a talented person (like Chris) paint on each sheet. Second, hang the panels and coffer the ceiling with inexpensive 1"x3" boards ($1.58 per board). Third, caulk the gaps, add the trim and paint the boards (we have not done step three yet, nor have we finished with all of steps one and two. How can that be? you may ask, easy, this is a work as you go project.) You should get a look similar to this:

(without flash)
(with flash)
Stay tuned, more to come in the future.