We re-did ours on our 30' boat with white marine vinyl (which we got on eBay cheaper than at local reupolstery places). (The original headliner looked hideous, so we removed it by scraping and a lot of sanding.) I will not lie- it is a total PAIN in the A** to put up a new vinyl headliner, but the end result was AWESOME!!! It is accented with teak strips, too, and was worth the effort.
Just remember, wear a hat or doo-rag when removing the old stuff and putting up the new.
Chris
US 30' Wu-Wei
http://www.diysailor.com