I'm essentially using speaker grill cloth for my false wall panels. There has been some debate about fire retardancy on the forums that I don't care to get into. Suffice it to say, I'm not concerned about using it for my panels.
As far as hiding ability, I would say it would hide just as well or better than the GOM cloth. The GOM has a wider weave (bigger openings between the threads) with thicker threads. It should hide whatever is behind it, as long as there is no direct light shining onto the panel. In that case, nothing will hide what's behind it unless it's solidly opaque (not a mesh).