Stephanie Dailey discusses how to create a traditional and impactful entryway using applied molding instead of traditional panel molding to save costs. By applying molding directly to the top of drywall, the look of panel molding is achieved at a more affordable price. The finish can be painted the same color as the wall or painted with a higher gloss for a trim-like appearance. Flexibility in layout adjustments is highlighted as important when working with applied molding. Overall, this method provides a beautiful traditional look at an affordable cost for homeowners seeking to make a big impact.