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