Should I finish my basement


Moved in to a new house....one of the main selling points was a concrete basement; walls and floor slab.
The dimensions are perfect for my setup and I will finish the ceiling and do sound treatment as necessary but really wonder if I should also put up sheet-rock ?
As of now wall are painted with water-seal paint, and I have a large carpet on the floor.
I can just hang few drapes on the walls, do some sound treatment and leave it as is...
The looks are OK either way for me - no bearing on my decision.

Just want to hear if some of you have experience with such a "dilemma" (finished vs cement walls) and what would be recommended?

PS: I would NOT want to do any sound treatment under the sheet-rock...as a matter of fact I would only mount aluminium rails to the walls and then attach 1/2inch sheet-rock
ether
Lindisfarne brings up a great point. This risk can be remediated with the proper drainage system, power backup, and overhead sewer. All if this needs to be in place...unless Katrina hits you should then be OK then ...if not don't put the good stuff down there...
It would probably be a good idea to try your system in the room as it is. It may sound good, and if not, you'll at least have a reference to compare any changes you make.
Just make your colors comfortable and spend your money-only- on drapes and sound treatment. Painted concrete is finished. With the right sound treatment your room will be fantastic. Best wishes.
Rello is correct to mention Lindisfarne's concern. That combined with Ejlif's concern can be easily resolved by painting the sheetrock pink.
Lindisfarne, is it about Sandy? Yes or no, it's always better to be positive in most cases, because as I've heard even those who lost much more than $25k were still positive and happy...