If you don't go with a suspended ceiling you are closing off options for electrical and plumbing additions and repairs.

You could just paint the whole thing. If it's got beams, pipes and all that paint them too. You could try to make them look like architectural details...
It's really hard to make suggestions without seeing it, repost with a photo?

use tongue and groove wood planks

I'd suggest gyprock, since its the cheapest

The drop ceiling is the most cost effective and will pay foir itself if proper insulation is used. You can cross beam it with 2x8s add a little insulation and use some other woods to cover that and allow access if needed.

You should rethink the drop ceilings. there are many different looking versions of it and some of them are very nice. They don't have to be the typical black and white panels. If I were you, i would go down to your local Home Depot or Lowes and ask them for their sujestions.

I hate the suspended ceilings, too. When I moved into my home, I had them all over the place. Ripped them out and sheet rocked. Added about a foot of height to the ceilings and looks wonderful. I am now working on my basement as well, and the suspended ceiling IS NOT an alternative for me. YUCK!! So I am doing a faux wainscotting ceiling. I saw someone do it in a high-end decorating magazine, and it looked awesome. Inexpensive, too, at about $15.00 for a 8X4 ft sheet. While I do agree that you could also paint the ceiling, pipes, etc., unless they are in great condition, I don't think it will look very good. Also, would not worry too much about closing yourself off from pipes/heating. You can easily have a trap door installed below the main fittings. There, too. If you do need to remove some of the ceiling to get to the pipes, since they are in large panels simply nailed to the beams, they are easy to remove and inexpensive to replace. Good luck! Bet it will look awesome!!

if you are dealing with floor trusses for your basement ceiling i would go creative and paint all the right sides one color and all the other sides another color and paint the corasponding wall the same color (i saw this done once and it was so cool) you can even do as another said with this and paint any pipes to show them off as details!

when you paint one side one color and the other side another color depending on which side of the room you are looking at the ceiling from it will look different colors and is so cool.