Home Theater Walls
I've been working on my project for a few years now. I plan to sheet rock and use sound proof insulation.
IMO, acoustic panels will add lots of $$$. I have 2 other home theater setups in my home. they sound great! What I found is that spending the time with a sound meter balancing, proper speaker placement, good wiring are inexpensive ways to make sure your room sounds pretty good especially if you are going to do a traditional sheet rock room and forgo the room treatments at least initially.
I am no expert but did a lot of research in magazines etc. So far I figure.. to do a perfect accoustical sounding room, I would have to hire a pro. and end up spending more $$.