I typically see this in a wainscot installation...interesting use in a soffit.
Check out the last picture in this post I found from the blog, Better After: http://www.betterafter.net/2012/01/turning-fifty.html
I saw other examples when I googled "beadboard kitchen soffit."
I think it looks great but if I were going to do beadboard soffits, I would recommend the paintable beadboard wallpaper rather than real, wood beadboard. The wallpaper would probably cost less and be much easier to work with over your head. Some of the beadboard wallpapers are so realistic (particularly the Graham & Brown Super Fresco beadboard wallpaper), it's very difficult to tell it isn't real beadboard. I've used the G&B beadboard wallpaper extensively in 2 homes (including on furniture) and it has fooled everyone who has seen it, including some experienced remodeling contractors. Everyone asks, "THAT'S wallpaper?!"
If you are interested, one of the HomeTalk members, Rhoda V. (Southern Hospitality blog) sells the G&B beadboard wallpaper at this link: http://southernhospitality.mybigcommerce.com/products/Graham-Brown-Prepasted-Beadboard-Wallpaper.html
I love bead board and think it would look great for your use. I would suggest that you put molding at the top and also at the bottom for a finished look AND to have to keep from looking at the rough edge of the BB. Post photos when you are done.