I was choosing between panels and acoustic foam for my "home studio". I'm glad, I took panels. Sound improvement of just two panels hanged on the wall surprised me. Also it looks way nicer, than it would having acoustic foam glued to the wall. 
 
Pros: 
- great for reducing echos and frequency masking, 
- more effective than regular acoustic foam, 
- great for home use, because it doesn't contain dangerous fibers, 
- aesthetics, 
- are very light so mounting them is easy 
 
Cons: 
Didn't found one yet