What Massive said......
To expound, foaming up the whole room just sucks the highs out of the room, and kills any sense of space. Low frequencies have little to no directionality, and the frequencies that do give spatial information are the ones sucked up by all that foam. And since only the upper half of the spectrum is affected by the foam, the frequency response of the room gets skewed like a low pass filter.
The right approach, disregarding bass trapping, is to strategically place some good acoustical foam at the first refection points (use a mirror to find them) and generally to break up any large flat reflective surfaces, AND to mix that with some diffusive surfaces. Diffusion gives complex reflections that give the room a sense of space. There are diffusers that you can buy that have mathematically calculated shapes, but even a bookshelf with various sizes of books in it serves to create diffusion. The main thing is to find a combination of absorption and diffusely reflective surfaces that gives an even response, not to create a big life sucking low pass filter.