Room treatment needs to address three main items:
- Bass reverberation time
- First reflections
- Slap echo
For (1), large bass traps in corners. For (2), absorptive panels at sidewalls and ceiling first-reflection points. For (3), provide absorption/diffusion on parallel surfaces until a walking-around clap test doesn't result in any pinging. The thicker panels you use for (2) and (3), the more they will help with (1).
In general, avoid panels that are purely absorptive, as they tend to unbalance the room, absorbing HF more than LF. Panels like the GIK Alpha, RPG BAD, or most products from ASC incorporate some sound scattering and will control excess reflections without over-deadening.
GIK and ASC give consultations -- last time I looked, it was for a small refundable fee. It's worth it. I found it useful to get two opinions, then decide myself how to proceed. Expect it may need some experimentation.
Another great resource is the series of YouTube videos by Jesco. They are aimed at mastering and recording engineers, but there is much that the home audiophile can take from them.