From what I know about polystyrene, these are as advertised, more of a diffusor than absorber.
However, keep in mind that any material that flexes when influenced by sound wabes is going to absorb and turn them into heat.
I am sure that it absorbs as well, for certain it will be much less reflective than drywall, hardwood, brick, glass or others. However, it will not absorb like some of the pure 'absorbers' out there.
As far as thickness goes, many of the absorbtive pannels are just a few inches thick. Placing a space of air between the pannel and the wall can be very effective in 'double damping' the waves.
My gut is that this will do a tremendous job at breaking up waves in the midrange reigon, giving results like shown in the Stereophile article. If you are looking for better bass performance and smoothness, think pure absorbers, but think BIG, not 2' by 4' in several locations. True bass response smoothing takes quite a bit of work in tough rooms, think minimum of 10 tube traps 12 inches in diameter, and entire walls in 4-6 inch fiberglass/wool materials etc, but thats a whole new thread.
Hope this helps,
Regards,
Paul Hilgeman
Nomad Audio