A large open basement would be an odd shaped acoustic space. I'd expect the acoustics to be quite poor as in any space with relatively low ceilings.
Plus the acoustic isolation between basement and upstairs would be more difficult as a larger space needs more energy to achieve the same sound pressure levels and additional surfaces would have to be sealed. And basements typically have noise producing equipment (furnaces, pumps, softners, laundry, etc.).
I expect the visual impact of the open studs to be greater than the acoustic.