I like the look of velvet but don't think it's appropriate year round. Velvet is a wonderful choice to warm up your home in the cold-weather months. It's an old fabric made new again, coming in new textures and colors. And it isn't strictly formal anymore. These are appropriate for pillows, perhaps in a guest room or a child's room.
Velour is a less expensive form of velvet.
It has a little more give to it and is stretchy. It's also the only washable type of velvet. Any other type you use must be dry-cleaned. Silk velveteen or velvet should not be used for draperies, because the sun can really damage silk. Or you can line the silk velvet with something else that will make it more opaque.