Flooring advice on basement listening room.

Allan - we updated our finished basement a few years ago.  Ripped out the carpeting as part of it.  If the basement is below grade you definitely want an engineered wood product.  The contractor doing ours installed a moisture barrier/elevated subfloor first - a modular product (from Home Depot, I believe...mighta been Dri Core or something much like it).  An engineered wood product (locking tongue and groove) went down over that.  Large area rugs and GIK acoustic panels definitely needed afterwards to tame brightness (as expected) but the room acoustics now are just right...not too bright, not too dead.  The system is posted if that is any help.  Good luck.

My dedicated room is engineered wood floor, large heavy area rug covering 70% of floor, acoustic panels from Primacoustic. 
Sounds wonderful.

If moisture isn't a problem, I have always had heavy wall to wall carpet. I've seen and heard systems put on hardwood floors or concrete with no rugs and they sound absolutely horrible.

Thanks for all the advice.  My wife wants to carpet.  Our house was built in 1959 and is drafty.  Such is the world of compromise.

(Wall to wall?) carpet in a basement is even more good reason to consider a subfloor like the Dri Core modular product.