Should you get plastered or not?

At tonight's Landlord meeting we discussed the merits of blueboard and plaster versus drywall and joint-compound.    While plaster is a much older approach to the construction of interior walls than drywall, but both have evolved over recent years.  Subsequently there are pros and con's of each product.  While many of us have a particular preference choosing one product over the other depends on your timeline, scope of the project and your budget.   Recently I renovated a vacant apartment in which 3 rooms had crazed and peeling calcimite ceilings.  After crunching the numbers, it was more cost effective to hire out the job and covered all 3 celings with 1/2 " blueboard and a smooth coat of plaster.