i bought foam from ebay. it looked pretty good.
i just googled foam by mail and that stuff looks pretty useless. the quality just looks...thin.
when the studios at my old school were being built, we had class in the studio before it had foam. we noticed a bunch of reflections with no foam, a still a bit without ceiling foam, and much much less reflection with our bass traps, ceiling, and wall foam treatment.
if you get good stuff, it definately has its place.
the walls were made out of this special stuff. they didn't say what it was, and i've never seen what 703 looks like, but i think the foam was more usefull than the paneling we had. not hating on the 703...i'm just saying that's what i heard