If you don't mind a weekend or two of work, this is a very attractive and yet works as good, if not better, than purchasing expensive and ugly commercial stuff.
1) Take 2x2s and run them horizontally every two feet on all your walls.
2) On your front wall and your side walls, up to the point of first reflection put 2'x4' rigid insulation (I used Owen Corning). Between each one, run 2x2s vertically.
3) For the rest of the room, if you want the benifits of insulation, get some cheaper rigid insulation that has silver foil on one side. Put that between the 2x2s with the silver side out (otherwise your room will be to dampened) and continue with the vertical 2x2s. If your room doesn't need anymore insulation just add the vertical 2x2s every 4 feet and leave space empty.
4) This is the part your wife will like. Get yourself a fabric that you like and stretch it onto the 2x2 frames and stable it there. You will want to run it horizontally.
5) Get yourself whatever molding you like and frame the cloth with the molding along the bottom, top, one down the middle of each wall where the cloth overlaps, and of course the corners.
There you go, looks like expensive wallpaper. And now you have a live end, dead end room with acoustic absorbtion surrounding your front speakers. A couple of DIY bass traps in the rear corners and your done.
