When finishing out our basement, I used fiberglass batt insulation between the floor joists, then proceeded with installing the drop ceiling with mid grade tiles.
I am completely happy with it and will do the same thing on the other half of the basement when I complete it. There is a noticeable difference between the halves from a sound perspective. The part that is not finished, you can hear the TV upstairs thru the floor.
For the part that is finished, which is setup as a theater/play area, you cannot hear the kids playing thru the floor, and most movie audio (with the exception of the subwoofer)
My upstairs floor is a combination of wood, tile and carpet.