Even 'good' acoustic foam is far inferior to compressed fiberglass, mineral wool, or acoustic cotton. Most foam products of comparable thickness will be considerably less effective as effective below 500-1kHz depending on thickness - which is where most rooms require additional control.
Just a comparison - coefficients at 125, 250, 500, 1k, 2k, 4k
2" Auralex foam
0.11 0.30 0.91 1.05 0.99 1.00
2" OC703
0.17 0.86 1.14 1.07 1.02 0.98
2" 3lb density acoustic cotton
0.35 0.94 1.32 1.22 1.06 1.03
Note the differences from 500Hz down (1st 3 figures for each product)
As you get thicker, the differences are even more pronounced.
Bryan