In practice, paint is cheaper and more durable if you compare initial costs and the time between redoing walls. Paint lasts 5-10 years depending on quality and conditions (humidity, sun exposure), while liquid wallpaper usually lasts 3-5 years before it starts looking bad. Repainting will be cheaper too: the material costs less and the work is simpler. Liquid wallpaper looks more impressive, but that's basically its only advantage - the downsides include higher material costs and the difficulty of fixing individual spots (you can't just patch it, you have to redo the whole section).
Practicality also comes down in paint's favor. It's easier to clean if it gets dirty - you can just wipe it with a damp cloth. Liquid wallpaper doesn't handle moisture and dirt well - even after the first contact with a stain, it can leave a mark. In a living room where people are constantly moving around and there's a risk of dirty fingerprints, that becomes a real problem.
Choosing paint makes sense if you don't overspend on materials: get something in the mid-price range and properly prepare your walls before application. Liquid wallpaper only makes sense if you're willing to redo it more often or you really want that special decorative effect, despite everything else. What matters more to you in the end - saving money or having an unusual look?