I used it as a faux tile backpsplash in my kitchen. While I wouldn't recommend using this in a SUPER wet area by the sink to most people; we painted it white with a mold/mildew resistant paint & sealed the edges where the paper meets the counter top with a bead of silicone caulk.  Knock-on-wood we haven't had any problems with peeling or moisture issues.  I'm was looking for an inexpensive "band aid" for my old & ugly kitchen until it can be completely gutted & renovated next year.  However, I love the look if this so much I may just do my ceiling in my foyer with it.  It really is gorgeous. 

Pros: Easy installation, great value, looks gorgeous...makes my 100 year old kitchen tolerable for another year.
Cons: Seams cannot be overlapped - must be lined up next to each other perfectly for a seamless look & it can be time consuming.