Paneling - paint it or pull it?

[Randal McLeaird]

Just bought a rehab project and we're about to complete it. We already pulled all the paneling off and when we did, the sheet rock was damaged from pulling the paneling and glue off the wall. We had the guys re-float all the walls and spray new texture and it looks great but I've also heard of guys painting directly over paneling.

Anyone done this with success?