I install a lot of flooring and nosings on staircases. It's a lot more work than treds. Done right...I think it's a great look. A lot of installers shy away from that type of installation, because it can easily look like a "hack job", if an installer doesn't have the talent to pull it off, ( I don't mean to sound conceited
). These days a lot of installers just want to slam bam for the quick buck, also.
Anyway...I just finished a staircase with plank, and white risers. I use 3/4" melamine for the risers, it's a clean look. Maintenance wise it's a lot nicer than paint, and 2 sheets for a total of 60 bucks did the whole staircase.
http://www.kudzu.com/r/20480290Also have some pictures of flooring & nosing staircases on my site.