Although foam is known for not being the best material for absorption, this material is an good aid to complemet with other materials, such as acoustic panels. I used mine to create some absorption in some spots of my homemade studio, where panels wouldnt fit. In the end, I turned a very echoey space into a seamingly correct place for audio post-production. Also, I use the remaining foam (since I cut mine into several parts) to use on location, when working as sound operator for film.
In the end, you get what you pay for, so, depending on your porpuses, this might be very handy! Just dont expect it to do the homework for you, i.e. you must study and experiment and acoustics.