Currently we've got floor to celing superchunks in the four main corners, eight panels of alternate 2" and 4" 6pcf mineral wool on the walls, and 4" thick 2 foot square panels in the opposite peak corners of the room. Auralex 50/50 mix on the celing, reflective floors. Our problem for a while was too much HF absorbtion, and we put up a lot of bamboo runners and a few posters on the panels to put a little sparkle back in the room. I think I'm hearing the monitors fairly well, despite the size of the room. But then again, you can't have too many bass traps, I don't think.
I learned my lesson from upgrading too many things all at once. Oh, and the foam. Too much foam is very bad. It looked so pretty, but it sounded like crap. It took us a fairly long time to get things sorted out.