Wool Blankets as Room treatment

Absolutely! :)  Certainly better than nothing at all if you have bare drywall.  A combination of reflection and absorbers is usually desirable.  Also GIK and others make panels you can have art printed on them.

If you like the look of the blankets hung like tapestries, then put insulation panels or diffusers behind the blankets.

I just posted a photo in my virtual system: jbuhl’s main system. There was a large painting back there. You can see my corner treatment. There is area rug just below the frame you can’t see. I was going to hang another wood framed painting but now considering the wool blanket idea.

How about the wool blanket in the middle with Gik Slat diffusers in either side of blanket?  

You can use the "egg carton" foam or some other unsightly material behind them to add value.

When I pull my wool lululemon hat over my ears I notice mids are much flatter than others. 

@bjesien 

I like the egg carton idea.