It does give you that recessed ceiling look but be warned that there are random defects in the material that make it translucent in places. This is with 510 lumen/meter led behind it. It also dimmed the LEDs considerably, so it's pretty absorptive. I plan on putting some foil tape behind to fix both issues, it's just extra work.

We replaced some dated, "colonial" ceiling molding with this and it gave a wonderfully retro feel to the kitchen. It was easy to install! We did not need lighting behind it so I can't speak to that feature. We're very happy.

Good quality. Easy to cut and install

Haven't put it up yet but it looks nice

The pros over wood are that it is very light and you don't wind up with warped pieces, The downside is that it is glued on and I had some problems with the glue holding, and had to hold it or tape it in place. Additionally it can not be sanded. While it looks really nice, I don't think it is worth the extra cost.