Yes, that arrangement would be fabulous for a home theater room. Though some of the diffusers in the rear would be at reflection points for the surround speakers, so those would be replaced with absorption.
If you think about it, the goals for music production and home listening are not different. Either way you want a flat response, uniform RT60 versus frequency, and minimal ringing at bass frequencies. If you can make your room sound as good as the room the music was produced in, then you'll more clearly hear the producer's intent.
--Ethan