Design Decision: Paint Trends

My apartment has the most charming* wall molding that wraps around the living room and lies about a foot and half below the ceiling. I want to paint either the walls or the ceiling, but unfortunately our rental agreement won't allow it. I have been seeing a ton of really rad ceiling treatments lately (paint, texture, AND wallpaper), but then again I also love a bold, saturated wall. Maybe it is a good thing we don't have the option to choose between the two in the first place... I am unsure it would be a swift decision.

Design Decision time - which do you prefer?

Painted Walls

VIA

Painted Ceilings

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Best of both worlds?

VIA

I think the molding in my apartment would be perfect for the third look... What do you all think? Which paint application do you like best?

Always,

Claire

*Generally, in the San Francisco housing market "charming" means tiny or dated, though in this case I actually mean "attractive." Though, truth be told, they are dated as well :)