I was choosing between panels and acoustic foam for my "home studio". I'm glad, I took panels. Sound improvement of just two panels hanged on the wall surprised me. Also it looks way nicer, than it would having acoustic foam glued to the wall.
Pros:
- great for reducing echos and frequency masking,
- more effective than regular acoustic foam,
- great for home use, because it doesn't contain dangerous fibers,
- aesthetics,
- are very light so mounting them is easy
Cons:
Didn't found one yet