Well, we went to Home Depot to look for the Behr stain with the color listed on ikeafan site, but they didn't carry it. So I ended up using different brand.
Since I'm on vacation now, I can post any detail info (even don't remember the brand name). All I can remember now is that we chose 2 stain colors - old walnut and something. And used a better grade plywood. We had several coats on it, though the instruction recommended 2-3 coats.
It turned out a little more richer color than the cabinet door. But we used the panel for under the counter of our island, you don't see as much, and the color is close enough to the cabinet. It just worked out fine for us. But if you are thinking about doing so for wall cabinet cover panel, you might want to find out other recipe.
Comparing to buying big cover panel to cover 24'' x 155'' area, we probably saved $50-$70. =)
If you would like more detail info, I can post it after our vacation. Please let me know!
My kitchen's picture is in the thread below.
http://www.ikeafans.com/forums/forum13/958.html
Here are another pix of it.
-kuma