The popular product here is Dry-Vit. I've seen it used everywhere. Ceilings, walls, architectural features, like arches, fascias, etc.
The most often used method is to attach foam board to the walls, cover it with a metal mesh, spread a basecoat, then work in the finish coat. It looks good for a long time
When it gets damaged, it gets moisture behind it and it spreads. The moisture causes damage near the penetration, and can spread quickly if it's not repaired immediately. The layers of foam and the latex based finish coat seals the walls and does not allow it to breathe.
For me, I'll leave that stuff for the commercial buildings and malls. As fast as some of those places change, it seems that maintenance is not really even a concern.