Foam panels are so like 80s. Especially if the foam is anything like Sonex, one of the worst things ever foisted on naive gullible audiophiles. And it seems like such a good idea, you know, with the photos of recording control rooms covered with Sonex.
Actually @geoffkait, foam panels can and do work. Even the well respected GIK acoustics acknowledges 4 inches foam equates to 1 inch of their fiberglass (and other materials) paneling. Moreover, many companies that sell foam panels can and do provide third party lab tests, such as http://www.thefoamfactory.com/acousticfoam/pdf/Foam-Factory-2-Wedge-Foam.pdf
Moreover, foam can be and often is used in anechoic chambers, and can look aesthetically pleasing.