There was a home show that covered this. I saw in when I was up at all hours with my first, who is now 5yo. So, while I don't remember the name of the show, I believe that there are tutorials out there. It seemed easy enough. Lots of measuring, but otherwise, quite simple, whether you chose to go with a match to the wall color or paint it a different shade to highlight.

Besides YouTube, I'd check Apartment Therapy for more information.

Has anyone installed this themselves (or had a contractor do it)? We currently have just a chair rail, but I'm really liking this look. Just curious if it is easy to do and what the cost would be.