Guys, I finally got everything put together. I got a bunch of 2-inch foams from foambymail and some leftover 8-inch foams from Dannie Ritchie (GR Research). I also got a couple of 4x8 peg boards (cut to different sizes after much measuring and planning) from Lowe's and Home Depot. The foams were glued to the peg boards and the boards were hung on the wall.
For aesthetic (and practical) reasons, I did not treat the whole room. I just worked on the front walls and the front-side walls. For the treated wall, I purposefully left small gaps between the boards. I planned it that way to gain some WAF. After everything was done, I showed my SO the finished project. Her comment: "Nice! The room looks a lot better now. But why didn't you cover the wall COMPLETELY?"

Oh well...
Anyway, here are my impressions of the sound after the room treatment:
Music was a lot more laid back. There was an overall smoothness to the sound. It definitely sounded warmer and fuller with the treatment. I guess another way of describing it is that the sound had toned down quite a bit and made it easier to listen to. Oh yes, imaging and soundstage improved significantly. The speakers seemed to completely disappear. Whereas before I couldn't get the soundstage to extend beyond the front wall (although I kept hearing people talk about it), I have no problem with that now. One area of improvement which I didn't expect was bass performance. For some time, I've been struggling to get that "thumping" bass response. I attributed the problem to the size and geometry (square) of the room. Well, they are only parts of the problems. The room was the other big part. With the room treatment, the mid and upper bass were more much pronounced. As the result, sound was much more balanced and full.
One thing I was worried about with all this treatment was that the room would be dead sounding. Well, I didn't have to. All this improvement came without sacrificing the liveliness of the sound. Like I said before, the music was much more balanced, fuller and smoother. There was a sense of ease about it. "Relaxing" is probably the word if I were to describe it in one word.
I think I could go crazy and add more room treatments. But I like the way it is so much right now that I'm really afraid of disturbing the "balance" between a live room and a dead room.
As for room treatment as a way of improving sound quality? I'm completely in that camp now. For the <$350 bucks I spent on materials (foams, boards, glue, nails) for room treatment, I'm not sure I can get the same return on investment with other equipment upgrades. Besides, I now believe that the equipments are only as good as the room they're in.
Lastly, I have some pics of the treated room. If someone can show me how to post pics, I'd be happy to share them.
Cheers