It's just a form of cladding or cover strip. Basically timber will warp if you use a large section. Get the stuff as thin as possible or use standard section and carve it. Find out where your masonry is and the wires and plumbing aren't and fix with 3" tens and brown plugs.
There is a certain television producer that would disagree with your terminology -but then, he loves sheds. I think the wheel has gone on the other foot with these guilded lillies though. The idea was to put panels between the timbers not the other way around.
I suppose it beats just putting windows there. The worst form of cheap housing is the use of glass instead of bricks and mortar. They are always out of proportion in my view. Why not plant a vine or train cherries and stuff along the wall?